US auctions off 38 billion of 10 year notes
- WI was at 1.172%
- high yield 1.164%. Tail -0.8 basis points
- bid to cover 2.47C vs. six-month average of 2.41X
- directs 17.8% vs. six-month average of 14.7%
- indirects 62.25% vs. six-month average of 61.2%
- dealers 19.99% vs. six-month average 24.1%
Strong auction at the higher yields. The 10 year yield has moved lower after the auction and trades at 1.1598% currently.