Treasury sells $21 bln in 10-year debt at 2.043%

[Letsbereal]

Treasury sells $21 bln in 10-year debt at 2.043%
11 April 2012, by Sue Chang - San Francisco (MarketWatch)
http://www.marketwatch.com/story/treasury-sells-21-bln-in-10-year-debt-at-2043-2012-04-11

The Treasury Department sold $21 billion in 10-year notes on Wednesday at a yield of 2.043%.

Bidders offered to buy 3.08 times the amount of debt sold, below the average of 3.11 times at the last eight sales of 10-year notes, according to CRT Capital Group.

Indirect bidders, a group which includes foreign central banks, purchased 38.5%, compared to 42.3% of recent sales.

Direct bidders, a class which includes domestic money managers, bought another 11%, versus an average of 15%.

After the auction, bond prices eased slightly with yields on 10-year notes, which move inversely to prices, ticking up to 2.04% from 2.03%.

[Letsbereal]

10 Year Treasury Prices Without Much Fanfare
11 April 2012, by Tyler Durden (Zero Hedge)
http://www.zerohedge.com/news/10-year-treasury-prices-without-much-fanfare

The second bond auction of the week prices uneventfully, with the Treasury selling $21 billion of 10 Years at a yield of 2.043%, better than the 2.045% When Issued, and better than last month's 2.08%.

Yet keep in mind that inbetween the March auction and today, the 10 year hit nearly 2.40%, so don't let the apparently stability give the impression that there is no volatility under the surface.

Unlike the yield, the Bid To Cover dropped from last month's 3.24 to 3.08, which while week for recent auctions was just below the TTM average of 3.12.

What is of note is that Dealers had to once again take down more than half the auction, or 50.5%, with the last time there was more than a 50% takedown being back in November 2011.

Of the balance 11% went to Direct, and the remainder or 38.5% to Indirects.

Overall, a quiet auction and now we just have tomorrow's $13 billion 30 Years to look forward to as total US debt approaches the $15.7 trillion milestone next on its way to the $16.3 trillion debt ceiling breach in 6 months.

In the meantime enjoy fixed coupon bonds: for in one month, the FRN cometh.