US sells two year note auction
- High yield 0.213% versus 0.215% WI
- Bid to cover 2.47 times vs 2.54x six month average
- Dealers 25.9% vs six month average of 30.6% average
- Directs 21.26% versus six month average of 16.7%
- Indirects 52.76% versus six month average of 52.7%
The auction is a B grade
- The high yield was lower than the WI by 0.2 basis point
- The bid the cover was a bit short of the six month average
- Dealers were saddled with much less than the six month average
- The demand came from the domestic side (i.e. direct bidders). Overseas demand was near the six month average (indirect bidders).
