Treasury's $84 B 4-and 8-week bill auctions were very well received
Treasury's $84 B 4-and 8-week bill auctions were very well received, again as their yields remain very attractive versus coupons. The $50 B 4-week was awarded at 2.390%, through the 2.395% at the bid deadline, and is a little richer as well versus last week's 2.40%. There were nearly $146.7 B in bids for a 2.96 cover, slightly weaker than the strong 3.01 from last week, but better than the 2.79 average. Indirect bidders took 45.5%, also not a good as last week's 61.2%, but it's above the 39.0% average. Like the shorter tranche, the $35 B 8-week stopped at 2.380%, inside the 2.390% at the deadline, and is just below last week's 2.395% award. Bids totaled $117.1 B for a hefty 3.35 cover, well above the prior 3.11 and the 3.09 average. Indirect bidders accepted 42.1%, not far from 44.6% previously, but stronger than the 38.3% average.