May
25

No Treasuries Left for Wall Street Dealers Amid Blowout Auctions

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  • Primary dealer award lowest on record at two sales this week
  • Traders cite liquidity concerns, overseas investor demand

Wall Street dealers were left with the fewest Treasuries on record at two note auctions this week as shrinking balance sheets and rising yields led to investors buying a greater share of the securities.

A gauge of demand at a $34 billion sale of five-year notes Wednesday rose to the highest since 2014 as primary dealers were awarded the lowest percentage at an offering of the securities in data going back to 2003. The auction comes a day after a $26 billion two-year note sale also left primary dealers with the lowest award on record…

No Treasuries Left for Wall Street Dealers Amid Blowout Auctions

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