• High yield 1.553%
  • WI 1.559% at the time of the auction. Tail -0.6 bps
  • Bid to cover, 2.64X vs 6 month average of 2.56X
  • Directs 18.77% vs 6 month average of 17.7%
  • Indirects 65.58% vs 6 month average of 56.1%
  • Dealers 15.65% vs 6 month average of 26.2%

Auction grade: A

The 2-year note auction was met with solid demand:

  • The Bid to cover was higher than the 6 month average
  • Demand from indirects (foreign buyers) was well above the average
  • Domestic demand (direct bidders) was also above the average
  • Dealers were saddled with over 10% less than the recent normal amount.

Yields have moved higher from last month when the same auction high yields was at 0.99%.

/EURUSD