US auctions off $26B of 10 year notes at 2.96%

Bid to cover at 2.55X

The US auctioned off $26B of 10 year notes on the screws of the WI yield at 2.96% (no tail).

• The bid to cover was at 2.55x. That was around the 2.57x at the last auction. The 6 month average was 2.50x
• The Directs came in at 11.3% vs 10.5% last auction
• The indirects came in at 61.3% vs 65% last.
• Dealers to 27.45% vs 24.5% and 28.9% over the last 6 months.

The auction was pretty good with no tail and the bid to cover a touch above the 6 month average.