10 year notes trading on WI basis at 1.6725%

The U.S. Treasury will complete the second note auction at the top of the hour when the auction off $38 billion of 10 year notes. The current WI is trading at 1.6725%. The last six auctions have seen the following averages:

  • Bid to cover 2.39x
  • Dealers 24%
  • Directs 16.1%
  • Indirects 59.9%

The last auction came in at a yield of 1.523%.

The auction yield will be the highest since January 2020 when the yield was at 1.869%