Halister News

(Bloomberg) -- Current 3Y yield higher by 1.1bp at 0.867% before 1pm ET auction, 17th straight at $24b; WI 3Y bid at about 0.885%, below last two 3Y auction stops.

• Most recent 3Y auction on April 12 drew 0.890%, 0.3bp below WI yield at bidding deadline, according to Stone & McCarthy; 32.6% primary dealer award was lowest since Jan., second- lowest since 2009
• Current 3Y yield on March 16 touched 1.197%, highest since Jan. 13, after Feb. core CPI rose more than forecast and oil rose; it closed at new YTD low 0.816% on April 7 amid losses for U.S. stocks and oil and JPY appreciation
• 19 of past 22 3Y auctions stopped through by as much as 1.1bp, according to Stone & McCarthy; year-ago auction stopped through by 0.9bp
• 6-auction averages:
  • Bid-to-cover: 2.85 (low 2.71, high 3.14)
  • Dealer award: 37.8% (low 27.8%, high 44.7%)
  • Direct award: 13.1% (low 9.1%, high 18.6%)
  • Indirect award: 49.1% (low 40.8%, high 62.8%)
• Maturing 3Y has $32b outstanding
• Primary dealers’ position in 2Y-3Y sector in week ended March 30 was net short $6.9b vs $5.3b avg net short over past year