Treasury's $90 B 3- and 6-month bill sale was tepid
Treasury's $90 B 3- and 6-month bill sale was tepid, in part due to the richening in the offering. The $48 B 3-month tranche stopped on the screws at 1.715%, right where it was at the bid deadline. But it's 2.5 bps below last week's 1.740% award rate (for the same sized issue). Bids totaled nearly $139.5 B for a 2.92 cover, better than last week's 2.88 but below the 3.00 average. Indirect bidders took 26.7%, less than both the prior 39.3% and the 43.5% average. The $42 B 6-month bill was awarded at 1.880%, also right on the bid at the deadline, and also 2.5 bps richer than last week's 1.905%. There were almost $126.2 B in bids for a 3.04 cover, also less than the prior 3.10, which was also average. Indirect bidders were awarded 45.5%, marginally under last week's 45.8% and the 46.8% average.