US sells two-year note at a high rate of 2.829%

Bid to cover at 2.44x vs 2.89x at last auction

The US treasury sold 37 billion of two-year notes at a high yield of 2.829%. They awarded 44.96% of events at the high yield.

• the high yield was less than one basis point above its 1 PM when issued level
• the bid to cover ratio came in at 2.44 versus 2.89 previously
• 13.4% to direct bidders
• 40% to indirect bidders
• 46.6% to primary dealers
• The highest yield since July 2008

It is a sloppy auction with the bid to cover the lowest since December 2016