Treasury's $84 B package of 3- and 6-month bill offerings saw solid results
Treasury's $84 B package of 3- and 6-month bill offerings saw solid results amid another flight to safety into Treasuries, as well as a grab for yield as the bills remain very competitive across the curve, and certainly against foreign sovereigns. The longer maturity outperformed. The $42 B 3-month tranche stopped at 1.960%, well through the 1.975% at the bid deadline. And it compares to last week's 1.990%. This is the lowest in more than a year, since July 9, 2018. Bids totaled $124.4 B for a 2.99 cover, stronger versus last week's 2.88 and the 2.89 average. Indirect bidders were awarded 47.0%, a little below the 55.2% previously, but better than the 46.7% average. The $42 B 6-month offering was awarded at 1.890%, also below the 1.910% at the deadline, and versus last week's 1.950%. This is the richest since April 9. 2018. There were $127.5 B in bids for a solid 3.06 cover, much stronger than the very weak 2.31 previously and the 2.84 average. It's the highest in a month. Indirect bidders accepted a hefty 51.8%, over three times last week's 17.3% and well above the 41.3% average.