Treasury auction sees U.S. join 0% club

Section:

By Patrick McGee
Financial Times, London
Tuesday, October 6, 2015

For the first time ever, investors on Monday parked cash for three months at the US Treasury in return for a yield of 0 percent.

The $21 billion sale of zero-yielding three-month Treasury bills brings the US closer into line with other developed economies, whose central banks have set overnight borrowing rates at negative levels.

The lowest bid permitted for a US bill auction is 0 percent but ahead of the sale, four-week and three-month bills have been trading at negative yields in the secondary market. This reflects a sharp decline in Treasury bill issuance in recent months as the US political system faces another tussle over raising the country's debt ceiling.

In trading on Tuesday, the four-week bill was quoted at minus 3 basis points and the three-month bill was at minus 1 basis point. ...

... For the remainder of the report:

http://www.ft.com/intl/cms/s/0/c19f1dcc-6bda-11e5-aca9-d87542bf8673.html



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