Bid to cover at 2.45x

  • Tail of 0.09 from the WI level at 1 PM ET.
  • Highest yield since April 2010
  • High yield at 3.034%
  • Bid to cover 2.45x vs 2.65x previous. Lowest since March
  • 12.8% to direct bidders
  • 62% to indirect bidders
  • 25.3% to primary dealers.

Another sloppy auction. You wonder if China is lightening up.