SMRA's John Cavanan said today's $24B....>

US TSYS/3Y: SMRA's John Cavanan said today's $24B 3Y auction "went well" as

"1.657% stopout rate was a hair through the 1.658% bidding deadline WI bid side,

and the 2.83 bid/cover was improved from last month's weak 2.70. Buyside demand

was about average overall. The combined takedown of 61.4% compares to an average

combined takedown of 61.0% over the prior year. The $17.5800 billion Indirect

bid was strong. The Indirect bid had averaged $15.056 billion over the prior

year and $16.716 billion over the prior six months." 

- He adds "it wasn't terribly aggressive, judging by the light hit ratio, but

given the size of it the bid was still enough to generate a 54.3% takedown,

which is a little above the 52.6% average of the prior year, although also

slightly below the 55.2% average of the prior six months."