I am so sorry.
From FT Alphaville:
Remember the mystery of the big Treasury auction bidder(s) that this correspondent covered in a past life?
A big buyer (or buyers) that didn’t fit into normal categories started showing up at auctions last year, and bidding up two-year notes. Since that story was published, the buyer(s) have bought more than $25bn of two-year and three-year notes, with more than $15bn of that amount in two-year floating-rate securities.
Going by this line from Zoltan Pozsar’s latest note, we might have a candidate:...MORE
…money fund reform delivered just over $200 billion in net new demand for bills from government funds. Roughly one fifth of this demand was accommodated by the corporate treasury department of Microsoft Corp., which sold $40 billion of bills and replaced them with longer-dated notes.Well then!