Bid to cover 2.88x vs 2.61x
The US treasury sold $33B of 2 year notes at a high yield of 2.59% (vs 2.498% previously). The WI was trading at 2.595% just prior to the auction.
- Bid to cover 2.88 (prev. 2.61x)
- Direct accepted 15.3% vs 15.3% last
- Indirect accepted 39.3% vs 41.6%
A good auction with the yield lower than the WI yield and the bid to cover also indicative of strong demand. The yield was the highest since July 2008.
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