The Ministry of Finance awarded $900 billion in a short-term bond auction at a cut-off rate of 12.99%.
The Ministry of Finance reported the results of auction number 25 of the year. Bids totaling $2.9 trillion were received and $900 billion were awarded.
The 12.99% cut-off rate marks a cumulative drop of 91 basis points from the recent high of 13.90% recorded on May 19. This level had not been seen since December 2022.
Investors showed strong demand, with bids equivalent to 3.3 times the offered amount. Yields on 10-year TES also fell to around 11.6%.