US bond auctions

A very interesting item on US bond auctions and the way that indirect bidding has become more apparent.

For the past year, as the size and number of US Treasury debt sales each month has surged in order to fund the gaping US budget deficit, there has been increasing evidence of “direct” buying activity. But last week the trend became particularly apparent when big chunks of the three and 10-year note auctions were bought by domestic investors such as large money managers, hedge funds and smaller US financial institutions.