High Yield - 1.08, 4 ticks higher than WI
21.59% at high yield, which lessens the impact of the 4bp tail
2.75 Bid To Cover - Not Bad Not Good
Indirects at 32.5% - lower than many were hoping.
MBS and Tsy's had a small initial knee-jerk lower in price after the auction, but paused at support. Now that stocks are coming off the lows to some extent, it's pulling tsy's and MBS back to cross support. If you already have a reprice for the better from this AM's rally, I'd cash in short termers at this point... Stay tuned...
MBS Market Alerts
