MBS Alert: Weakest Levels After 20yr Bond Auction

Jeff Statz

Mortgage Banker

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M: (608) 301-5112

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MBS Morning:

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Weakest Levels After 20yr Bond Auction

Wed, May 21 2025, 1:17 PM

20yr Treasury Auction
- 5.047 vs 5.035 forecast/WI
- Bid to cover 2.46 vs 2.47 avg

Note for those who dig into auction stats, the 2.47x avg BTC (bid to cover) is the avg of the last 6 REFUNDING auctions (like today's). Reopening auctions definitely garner higher BTCs. As such the auction would be perceived as weaker among those who miss this detail.

Either way, bonds moved to their weakest levels of the day with 5.5 UMBS down just over 3/8ths in total and almost a quarter point from the AM highs. Negative reprices are possible.

10yr yields are up 9bps at 4.577

More MBS and Treasury Markets

MBS Morning:

Conspicuous Absence of Volatility After Data and Spending Bill Vote - Today, 2:06 PM

MBS Recap:

Treasury Auction Blamed as Bond Vigilantes' Smoking Gun - Wed, 8:34 PM

MBS Alert:

Negative Reprices Becoming Likely Despite Stabilization in Bonds - Wed, 6:18 PM

MBS Morning:

Nothing For Bonds to Trade But Fiscal Disillusionment - Wed, 2:50 PM

MBS Recap:

Ultimately Sort of Flat if You Use Your Imagination - Tue, 9:01 PM

Jeff Statz

Mortgage Banker

P: (608) 572-7811

M: (608) 301-5112

E: jeff@statz.us

👨‍💼 My MND Articles �...

✍ Quick Pre-approval Ap...

💰 Mortgage Calculators...

License:

My NMLS: 36442

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