The $39 billion reopening of 10-year notes was a strong one today, stopping through by 1.6 bps. The bid to cover was 2.7x vs 2.54x on average in the past 10 sales.
Direct bids were high at 19.5% compared to 15% on average while the dealer bid was light.
Yields and the US dollar ticked lower afterwards but the reaction has been smaller than you would expect.
US 10s 10 mins
