US treasury auctions off $32B of 10 year notes at 0.700% vs 0.712% WI

Auction results

• high yield 0.70% versus 0.712% WI
• Bid to cover 2.69x vs 2.46x six month average
• dealers take 20.5% versus 6 six-month average of 26.3%
• Directs take 13.3% vs six-month average of 14.2%
• Indirects take 66.1% vs 59.6% six-month average

Good auction.

Grade B+/A-

• Tail of -1.2 bps
• Dealers saddled with only 20.5% vs 26.3% 6 month average