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Record Directs Save Ugly 3Y Auction, As Slide In Foreign Demand Leads To Biggest Tail Since May

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Record Directs Save Ugly 3Y Auction, As Slide In Foreign Demand Leads To Biggest Tail Since May In the week's first coupon auciton (we have an accelerated schedule due to Veteran's Day when cash bonds are shut for trading), the Treasury sold $58BN in 3 Year paper in what was a mediocre sale. The high yield of 4.627% was below last month's 4.932% (the second highest this decade), but unlike the October auction which stopped through, today's sale tailed the When Issued 4.622% by 0.5bps, the biggest tail since May. The bid to cover was ugly, sliding to 2.528 from last month's 2.616 and the…

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    Record Directs Save Ugly 3Y Auction, As Slide In Foreign Demand Leads To Biggest Tail Since May

    Record Directs Save Ugly 3Y Auction, As Slide In Foreign Demand Leads To Biggest Tail Since May In the week's first coupon auciton (we have an accelerated schedule due to Veteran's Day when cash bonds are shut for trading), the Treasury sold $58BN in 3 Year paper in what was...

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