WI was at 0.483%

The U.S. Treasury sells $60 billion of two year notes at a high yield of 0.481%

  • The WI was trading at 0.483%
  • Bid to cover 2.69 versus 2.50x six month average
  • Dealers 19.55% versus six month average of 28.5%
  • Direct 28.3% vs six month average of 19.9%
  • Indirect 58.14% vs six month average of 51.7%

Auction grade: A-

Highlights:

  • Yield comes in marginally below the WI level
  • Bid to cover is comfortably above its six month averages
  • Strong demand from both directs (i.e. domestic buyers) and indirects (overseas buyers).
  • The dealers were saddled with a relatively small amount of the auction to distribute.