- High yield rate: 2.809% (prev 2.738%)
Bid-to-cover ratio: 2.59 (prev 2.48)
Direct accepted: 18.0% (prev 17.6%)
Indirect accepted: 62.0% (prev 53.4%
This is a good sign for the two-day dip in yields. Some concession may have built in earlier today but he buyers showed up.
From BMO: Choppy trading in the 3-year sector was the operative theme as rates went into the auction lower on the day with volumes over 1.5x the two week average. Since the result, there has been very little follow through move.
