WI was at 1.82% just before the auction

The 10 year note auction was a pretty good one. The high yield came in at 1.809%, That was through the WI level at the time of the auction at 1.82%.

The details:

  • high yield 1.809%.
  • Bid to cover, 2.49x vs six-month average of 2.36x
  • Dealers 23.1% versus six-month average of 27.7%
  • Directs 12.4% vs six-month average of 12.8%
  • Indirects 64.5% vs a six-month average of 59.4%

The bid to cover was higher than the six-month average. Also dealers only needed to take 23.1% versus the 6 month averages 27.7%. This is indicative of general market demand at the yield.

Grade: B+/A-