U.S. Treasury auctions off $69 billion of 2 year notes at a high yield of 3.489%

• High-yield 3.489
• WI level at the time of the auction 3.489%
• Tail 0.0 basis points vs 6 month average of-0.5 bps
• Bid to cover 2.68X vs 6 month average of 2.59X
• Directs 30.74% % vs 6 month average of 30.9%
• Indirects 58.07% vs 57.9%
• Dealers 11.18% versus 6 month average of 11.1%

AUCTION GRADE: C

The auction results in the components were very similar to the 6 month averages