US treasury auctions $23B of 10 year notes at 2.957%

WI was at 2.962% at 1PM auction time

• High yield 2.957% below the WI rate.
• Bid to cover: 2.58X vs 2.55x last auction
• Directs 13.4% vs 11.3% at the last auction
• Indirectss 63.9 vs 61.3% at the last auction
• Primary dealers took 22.64% which was the lowest since Jan 2018

The yield was lower than the WI indicative of good demand.

The Bid to cover was higher than the prior auction (2.58x vs 2.55x). The last 6 auctions had a high of 2.59x and the low was 2.46X. Again, the Bid to Cover is indicative of good demand.

Overall, a very good auction.