Bid to cover 2.39x which is lower than last at 2.58x

  • US sells $23B 9 year 10 month notes at high yield of 3.225%. That was above the WI level of 3.222%.
  • Bid to cover comes in at 2.39x vs 2.58x at the last auction. Lowest since February
  • primary dealers take 30.14%
  • directs take 5.4%
  • indirects take 64.46%
  • Dealers biggest share since April

Like most of the prior auctions, the auction is around a "C" grade.

Below is a historical perspective of the bid to cover levels over the last 5 years.