WI at the auction time was trading at 2.273%
The US treasury sold $40 billion of 2 year notes that 2.27%. The WI just before the auction was at 2.273%.
- Bid to cover at 2.6x vs 6 month average of 2.52x
- Direct accepted 13.3%
- indirect 56.0%
- primary dealers 30.7%
A strong auction with strong demad. The high-yield was greater than one basis point below its 1 PM when-issued level. The yield was the lowest since February 2018
