US treasury sells $69 billion of 2 year notes at a high yield of 3.520%

• High yield: 3.52%
• WI level at the time of the auction: 3.520%
• Tail: 0.0% vs 6 month average of -0.3 basis points
• Bid to cover: 2.59X vs 6 month average at 2.66X
• Directs (domestic demand): 19.6% vs 6 month average of 19.9%
• Indirects (international demand): 67.8% vs 6 month average of 66.8%
• Dealers 12.8% vs 6 month average of 13.2%

Auction Grade: B