5-Year Note Auction Bid-to-Cover in 2015
5-Year Note Auction Bid-to-Cover opened 2015 at 2.49 and closed at 2.32, a -6.83% move for the year. The high of 2.58 was reached on July 29, and the low of 2.32 on December 29.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 2.49 | 2.49 | 2.49 | 2.49 | +0.00% |
| Feb | 2.54 | 2.54 | 2.54 | 2.54 | +0.00% |
| Mar | 2.35 | 2.35 | 2.35 | 2.35 | +0.00% |
| Apr | 2.56 | 2.56 | 2.56 | 2.56 | +0.00% |
| May | 2.46 | 2.46 | 2.46 | 2.46 | +0.00% |
| Jun | 2.39 | 2.39 | 2.39 | 2.39 | +0.00% |
| Jul | 2.58 | 2.58 | 2.58 | 2.58 | +0.00% |
| Aug | 2.34 | 2.34 | 2.34 | 2.34 | +0.00% |
| Sep | 2.57 | 2.57 | 2.57 | 2.57 | +0.00% |
| Oct | 2.43 | 2.43 | 2.43 | 2.43 | +0.00% |
| Nov | 2.52 | 2.52 | 2.52 | 2.52 | +0.00% |
| Dec | 2.32 | 2.32 | 2.32 | 2.32 | +0.00% |
Events During 2015
The PBoC devalued the yuan by 1.9% in a single day on August 11, 2015, the first meaningful devaluation since 1994. Global risk assets convulsed.
Brent crude fell from $115 in June 2014 to $27 in January 2016, a 77% collapse. Shale oversupply and OPEC's refusal to cut production broke the commodity supercycle that had dominated markets since 2003.
The Swiss National Bank abandoned its 1.20 EUR/CHF floor on January 15, 2015. The franc immediately surged 30%, blowing up retail FX brokers and exposing the fragility of exchange rate commitments.
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