US treasury auctions off $42 billion of two-year notes at a high yield of 4.505%

The US treasury auctions off $42 billion of two-year notes:

• High yield 4.53%
• WI level at the time of auction 4.513%
• Tail -0.8 BPS vs. the six-month average of 0.5 basis points
• Bid to cover 2.64X vs. six-month average of 2.55X
• Directs (a measure of domestic demand) 22.39% vs. six-month average of 22.5%
• Indirects (a measure of international demand) 56.98% vs. six-month average of 56.6%
• Dealers 20.62% vs. six-month average of 21.0%

Auction Grade: B