Treasury's $96 B 3- and 6-month bill sale was weak
Treasury's $96 B 3- and 6-month bill sale was weak. Though each tranche stopped on the screws, both were at cheaper levels than last week and are the highest since 2008. The $51 B 3-month was awarded at 2.010%, right where it traded at the bid deadline, and it's a little cheaper than last week's 2.00%. Bids totaled $128.4 B for a 2.54 cover, well off the 2.87 previously and the 2.93 average. In fact, it's the lowest since 2008 as well. Indirect bidders took 38.5%, bracketed by last week's 35.8% and the 41.3% average. The $45 B 6-month bill was awarded at 2.180%, also where it traded at the deadline, and is also cheaper than last week's 2.160%. There were $118.4 B in bids for a 2.66 cover, also well below its 3.14 from last week and the 3.04 average. It's the weakest since early 2009. Indirect bidders took 53.4%, a little firmer than the prior week's 49.4% and the 48.4% average.