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.