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.