US treasury auctioned off $39 billion of 10 year notes at a high yield of 4.282%
- High-yield 4.282%
- WI level at the time of the auction 4.280%
- Tail 0.2 basis points versus 6 auction average of 0.3 basis points.
- Bid to cover 2.43X versus average 2.49X
- Directs 23.9% versus average 19.2%.
- Indirect 65.3% versus average of 71.0%.
- Dealers 10.8% versus average of 9.8%
Auction grade C+
The results from the 10 year note auction were mixed. The domestic buyers outbid the international buyers, but the bid to cover and tail were near the averages seen over the last 6 auctions. Yesterday, the international buyers were strong bars of the 3 year coupon issue. Tomorrow the U.S. Treasury will auction off 30 year bonds completing the coupon auctions for the week.
