5Y Auction Tails Despite Jump In Foreign Demand, Yields Hit Session High

Big Oil Backs Mazama's $135 Million Bet On Superhot Geothermal Mazama Energy announced $135 million in new capital with an oversubscribed Series B that included ConocoPhillips and Shell Ventures. With Devon Energy initially backing Fervo in 2023, a pattern is emerging with oil and gas veterans placing their bets in the geothermal industry.  Some of the techniques developed by the O&G industry are translating well to geothermal projects. Horizontal drilling, well completions, and underground reservoir expertise are finding new purpose in an industry that is far more politically neutral than the...

Liberal MP Labels X A "Massive Problem" For Allowing Brits To Criticize Mass Immigration Authored by Steve Watson via Modernity.news, A British Liberal Democrat MP has openly admitted what the political class really fears about Elon Musk’s X: it lets ordinary Britons speak freely about the disaster of mass immigration. In a clip that exploded across the platform on Monday, Cheltenham MP Max Wilkinson described X as a “massive problem” precisely because it gives critics of unchecked migration a voice. “It’s a really easy [way] to get some content out about how you think...

Average 7Y Auction Stops On The Screws As Foreign Demand Slides After a solid 2Y auction and a subpar 5Y auction earlier this week, moments ago we got the week's final Treasury issuance when the US auctioned off $44BN in 7Y paper in a perfectly average sale. Starting at the top, the bond priced at a high yield  of 4.260%, down modestly from 4.290% last month and in the middle of a range established in late-2023 after which the 7Y has traded between 3.50% and 5%. The auction also priced...