Bid to cover comes in at 2.69x vs 2.37x at the last auction

The US auctioned $20B of 9 year 10 month reopened notes at 2.579%.

  • The bid to cover came in at 2.69 vs 2.37 at the last auction. That is the highest this year and the highest since June 2016
  • US awards 22% to primary dealers
  • US award 71.4% to indirect bidders. Best since August of 2016
  • US awards 6.5% to direct bidders

The yield has dipped to 2.5678% after the strong auction.

Solid auction.

So much for Chinese boycott fears.