Treasury's 4- and 8-week bill auctions saw mixed results
Treasury's 4- and 8-week bill auctions saw mixed results, though bidding was decent with covers above last week's levels despite the increased auction sizes. The $50 B 4-week offering (versus $45 B previously) stopped at 2.200%, tailing out versus the 2.180% at the bid deadline, and compares to last week's 2.165%. Bids totaled $144.3 B for a 2.91 cover, better than last week's 2.85, but not quite up to the 2.93 average. Indirect bidders accepted 36.9%, below the prior 38.9% but a little above the 35.5% average. The $30 B 8-week tranche ($25 B last week) stopped at 2.240%, through the 2.245% at the deadline, and compares to last week's 2.205%. There were nearly $92.5 B in bids for a 3.09 cover, modestly better than the 3.08 previously, but not as good as the 3.22 average. Indirect bidders took 32.2%, stronger than both the 29.9% previously and the 28.8% average.