Bid to cover comes in at 2.51x
the U.S. Treasury sold $40 billion of two-year notes at a high yield of 2.355%.
- The yield matched the WI pre-sale level
- Bid to cover comes in at 2.51x. That is lower than last months 2.60X and the 6 month average of 2.55x
- Directs come in at 15.8% vs 13.3% last month
- Indirects come in at 47.7% versus 56.0% last month
- primary dealers took 21.62% of the amount tendered. The six-month average is 14.6%
Overall a little sloppy. The yield was spot on the WI, but the Bid to cover was a little light and the dealers took more than the 6 month average.
