U.S. Treasury auctions off $40 billion of 10 year notes at a high yield of 3.695%

News
  • High-yield 3.695%
  • WI level 3.723%
  • Tail -2.8 basis points versus six-month average of -0.1%
  • Bid to cover 2.93X versus six-month average of 2.60X
  • Directs 13.66% versus six-month average of 18.9%
  • Indirects 73.35% versus six-month average of 62.7%
  • Dealers 12.99% versus six-month average of 18.4%

Highlights:

The 3 year note auction was met with very strong international demand. Domestic demand was actually less than the six-month average. The combination left the dealers with much less than the average over the last 6 months which is good.

Overallauction grade: A

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