This week’s $99bn of US Treasury debt sales concluded yesterday with strong demand from investors bypassing the primary dealer network that underwrites government bond auctions.
This week’s offerings of two, five and seven-year paper have been characterised by a strong “direct bid”, where new Treasuries are purchased directly from the New York Federal Reserve. This tactic is used by countries such as China and big institutional investors to conceal their buying from dealers.
Such buying, of nearly $40bn at this month’s six Treasury auctions, is a record, according to Wrightson Icap.
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