• High yield 4.276%
  • WI level at the time of the auction: 4.286%
  • Tail -1.0 basis points versus six-auction average 0.4 bps
  • Bid-to-Cover 2.58X versus six-auction average 2.52x
  • Dealers 11.53% versus six-auction average 16.1%. Least since August 2023
  • Directs 20.86% versus six-auction average 16.7%
  • Indirects 67.61% versus six-auction average 67.2%


Nothing wrong with this auction with a -1.0 basis point tail. Dealers take a small amount. Domestic demand is well above its six-month average and international demand is marginally above the six-month average. The bid to cover is also better than the average.

2 for 2 in the auctions this week. The final coupon auction will be tomorrow at 1 PM when the treasury auctions off 30 year bonds

The USDJPY has come off a bit after testing the swing target at 161.73.

USDJPY tests 161.73 and finds selllers