March 26th, 2008 11:35 am | by John Jansen |

 Someone just forwarded a piece to me from a dealer which notes that March 2year note auctions the last several years have been sloppy affairs with 3 out of the last 4 having a bidding tail. The quarter end and Japanese fiscal year end combo makes dealers reluctant bidders as balance sheet space is scarce.One commentator has noted that the combination of the auction today and the $18billion 5 year notes tomorrow will raise $26 billion new cash.The same commentator notes that to be the largest amount of new cash raised in the market by the Treasury since the February 2006 refunding.

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