US 10-year note $21 billion reopening:
- Traded at 2.070% on the bid side in WI market
- Bid-to-cover 2.59 vs 2.70 prior
- Indirects 62.2% vs 57.5%
Stopped through by 0.4 basis points. That's strong but not spectacular.
There's a lot of talk of indirects and that often represents foreign central banks but bids are so well disguised now that it's impossible to know for sure.