Thursday, May 7, 2009

"Put A Tail On It And Call It Lassie"

Some amusing commentary on the most recent bond auction from Rick Santelli. $14 Billion of 30 year UST priced at 4.288, with Bid To Cover at a precariously low 2.14. CNBC of course makes this sound as terrific for banks due to steepening yield curve (10s30s attached). We shall see how terrific it is once the Bid To Cover drops below 2 and USTs are sold in the toilet hygiene section in your neighborhood Duane Reade.


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