US treasury auctions of $38B of 10 year notes at 1.680%

Author: Greg Michalowski | Category: News

WI at 1.678%

  • High yield 1.68%
  • WI 1.678%
  • Bid to cover 2.36x vs six month average of 2.39x
  • Dealers 24.18% versus six month average of 24.0%
  • Directs 16.2% versus six month average of 16.1% .
  • Indirects 59.6% versus six month average of 59.9%
The tail was 0.2 basis points which is not bad given the supply auctioned today, but it is not bad. The yield is the highest since January 2020 when the high yield came in at 1.869%.  The bid to cover was just under the six month average. Dealers take was about the average as well.

Overall, it is a pretty average auction. 

The yields today are higher but not running  to the upside. The two year yield is up 1.4 basis points. The five year yield is up 2.1 basis points. The 30 year yield is up 1.0 basis points.  
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