Bid to cover comes in at 2.48X vs 2.54X at the last auction

The U.S. Treasury sold 23 billion of 10 year notes at a high yield of 2.314%.

Details include:

  • bid to cover of 2.48x versus 2.54x at the last auction
  • US awards 9% of the notes to direct bidders
  • awards 23.0% to primary dealers
  • awards 68% to indirect bidders vs 69.1% at last auction

US awards primary dealers the least amount of 10 year notes at auction since March.
US awards direct bidders most 10 year note supply at auction since March.