US treasury sells 26 billion two-year notes at a high yield of 1.922%

Bid to cover at 2.52x

The US treasury has sold 26 billion of two-year notes at high yield of 1.922%

• The bid to cover ratio came in at 2.52x. The last auction had a higher ratio of 2.73x
• Awarded 45.5% of two-year notes to primary dealers
• awarded 14.5% to direct bidders
• awarded 40% to indirect bidders

The yield was the highest since September 2008