WI traded at at the time of the auction

The US treasury sold $60 billion of two year notes at a high yield of

  • High yield 0.242% vs WI at the time of the auction at 0.253%
  • Tail -1.1 basis points
  • Bid to cover of 2.65x vs 6 month average of 2.51x
  • Directs (measure of domestic demand) 21.18% vs 6 month average of 17.6%
  • Indirects (measure of international demand) 60.54 six month average of 52.0%
  • Dealers (the recognize government dealers) 18.2% vs 6 month average of 30.3%

Auction Grade: A+

Strong demand indicated by the higher than average bid to cover and higher Direct (domestic demand) and indirect (international demand) bidding as well.

The dealers were barely involved with 18.2% vs 30.3% average.