Demand Slides For 2Y Treasuries As Yield Surges To Highest Since Sept 2008 | 12/26/2017 | Staff
marisha (Posted by) Level 3
The last time the yield on a 2-Year TSY auction was as high as it was today - 1.922% to be specific, tailing the When Issued 1.899% by 0.3bps - was just a few days after Lehman Brothers failed, with one difference: back then it was sliding, while now the rate on 2Y paper is surging, up from just 1.21% at the start of the year, and up from 1.765% just last month thanks to the latest Fed rate hike.

The Bid to Cover was only 2.515, a steep drop from last month's 2.725% and well below the 2.88 6-auction average; it was the lowst BTC since last December's 2.436%.

Internals - Indirect - Takedown - % - %

The internals were just as ugly, with the Indirect takedown sliding to 39.97% - the first sub-40% award since last December, and far below...
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