US treasury 2 year note auction results at a rate lower than the WI by 1.2 bps.

  • high yield 1.594% versus 1.606%. Stop through by 1.2 bps
  • Bid to cover 2.7x vs six-month average of 2.61x
  • Directs 14% vs six-month average of 21.4%
  • Indirects 54.8% versus six-month average of 48.4%
  • dealers take 31.2% versus six-month average of 30.2%

Overall a good auction with the high yield stopping through the WI level by 1.2 bps

The bid to cover was a touch higher than the six-month average. The dealers took a little more than the average. I would give it a B+.