WI level of the 10 year note at the auction time was 2.129%
- high-yield rate 2.13%
- WI was at 2.129% at the auction time
- bid to cover 2.49x. Higher than the six-month average of 2.42x
- Directs 13.6%
- indirects 65.6% (proxy for foreign buyers). Higher than the 61.8% average.
- dealers take 20.8%. Lower than the 25.5% average over the last 6 auctions
The auction is decent. The only negative was the small-tail. The bid to cover was higher than the six-month average. Foreign interest was also higher. Dealers did not get loaded down with the auction as well.