US treasury auctions off US$24 billion of 10 year notes at 2.129%


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.  


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