US auctions off $24 billion of the 10 year notes at high yield of 2.064%

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WI 2.057% at the auction time

  • High yield of 2.064% vs 2.057% WI. Tail of 0.7 bp
  • Bid to Cover 2.41x vs 2.25x 6 month average
  • Dealers 26.4%
  • Directs 60.8%
  • Indirects 12.9%

The high yield was higher than the WI level of 2.057% (tail of 0.7bp). However, the bid to cover was higher at 2.41x vs 2.25x average  It seems there may have been some throw away bids.  

Not a great auction with the tail.  
ForexLive

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