Bid to cover 2.61x vs 2.91x at the last auction
The US treasury sold 32 billion of 2 year notes at an average yield of 2.498%. That was higher than the WI yield just before the auction at 2.493%.
- The bid to cover came in at 2.61x which was lower than the last auction at 2.91%
- The bid to cover is the lowest since December
- The yield is the highest since July 2008
- The US awards 15.3% to direct bidders
- 41.6% of 2 year notes to indirect bidders
- 43.1% of 2 year to primary dealers
