Loading ...Not today however, because everyone’s attention is far more focused on today’s election result and the sheer collapse in market liquidity. Still, in a day when yields blew out as high as 4.36% after the red hot Service ISM – and a Trump victory – traders were certainly casting nervous stares at the results of today’s auction. So with today’s $42 billion refunding auction of 10Y paper in the books, this is how it did.
Stopping at a high yield of 4.347%, the auction yielded 28bps higher than last month, and was the highest yielding auction since June. But notably after tailing 0.4bps last month, today’s auction stopped through the When Issued by 0.3bps.