$20 B auctioned. Bid to cover of 2.28x
The US auctioned off $20B of 9 year 11 month notes at a high yield of 2.18%. That was above the WI rate of around 2.17%.
- The bid to cover came in at 2.28x which was a little higher than the 2.23x last month
- Primary dealers take 38.67%., Direct 6.05% and indirect bidders awarded 55.28%
- Indirect bidders is the least 10 year note supply since November
- US awards primary dealers most 10 year not supply since November
So, the results show, the dealers own them. They did get a concession up to 2.18% and with the yield trading at 2.1743% currently, they have a little fluff to distribute it. However, the yield of the 30 year bond has risen to a 3 week high after the auction.
