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.