10 Year Treasurys Sold At Lowest Bid-To-Cover Since March 2009

http://www.zerohedge.com/news/2013-08-07/10-year-treasurys-sold-lowest-bid-cover-march-2009

If it was the Treasury's intent to make auctioning of Treasury paper increasingly more fraught with risk, it has succeeded. Moments ago, in the second auction of the week and month, another $24 billion were added to the gross US debt, when the Treasury sold 10 year paper at a yield of 2.620%, pricing through the When Issued yield of 2.623% So far so good. However, as was shown last week, the trouble is in the internals. Recall that as Zero hedge first demonstrated in January and as the TBAC reconfirmed in their refunding presentation, the Bid to Covers have been declining across the curve.