Treasury's $13 B bond reopening was ok, but no great shakes
Treasury's $13 B bond reopening was ok, but no great shakes, with results pretty close to average. The auction stopped at 3.044%, fractionally through the 3.045% at the bid deadline, after the market cheapened most of the session (though it's richer than both March's 3.109% and February's 3.121% award rates). There were nearly $31.4 B in bids for a 2.41 cover, marginally above the prior 2.38 and the 2.35 average. Indirect bidders accepted 61.0%, also better than last month's 57.9%, but just below the 62.6% average. Direct bidders accepted 14.6%, in line with March's 14.8%, while primary dealers took 24.4% from 27.3%. This auction finishes off supply for the week and that could cap the upside in rates today.