Treasury's $13 B 30-year reopening was well sponsored
Treasury's $13 B 30-year reopening was well sponsored, and better than expected. The auction priced well, like the prior two legs, stopping at 3.109%, through the 3.115% at the bid deadline (and it's close to the lowest of the day). It compares to February's 3.121%. There were nearly $31 B in bids for a 2.38 cover, above the 2.26 from last month's $16 B refunding, but is below the 2.74 from the $12 B January reopening. The 12-month average is 2.34. Indirect bidders took 57.9%, below last month's 61.2% as well as the 62.9% average. Direct bidders took a hefty 14.1% versus 8.1% last month, while primary dealers accepted 27.3 30.8%. The auctions conclude on a solid note.