US treasury auctions off $35 billion of 10 year notes at 3.448%

• High-yield Yield A yield represents the earnings generated by an investment or security over a certain time period. Yields are typically displayed in percentage terms and are in the form of interest or dividends received from it.These figures do not include the price variations, which separates it from the total return. Consequently, a yield applies to various stated rates of return on stocks, fixed income instruments such as bonds, and other types of investment products.Yields can be calculated as a ratio or as A yield represents the earnings generated by an investment or security over a certain time period. Yields are typically displayed in percentage terms and are in the form of interest or dividends received from it.These figures do not include the price variations, which separates it from the total return. Consequently, a yield applies to various stated rates of return on stocks, fixed income instruments such as bonds, and other types of investment products.Yields can be calculated as a ratio or as Read this Term 3.448%
• WI level at the time of the auction 3.439%
• Tail 0.9 bps vs six-month average of +1.4 basis points
• Bid Bid In a market, a bid is a price at which a buyer is willing to purchase a specific security, such as a currency, stock or bond. It is the highest price that a buyer is willing to pay for a security. Bids are typically made by market participants such as investors and traders, and are usually entered into an electronic order book or trading platform.When a market participant is looking to buy a security, they will typically place a bid at a certain price. If there are multiple buyers looking to pur In a market, a bid is a price at which a buyer is willing to purchase a specific security, such as a currency, stock or bond. It is the highest price that a buyer is willing to pay for a security. Bids are typically made by market participants such as investors and traders, and are usually entered into an electronic order book or trading platform.When a market participant is looking to buy a security, they will typically place a bid at a certain price. If there are multiple buyers looking to pur Read this Term to cover 2.45X versus six-month average of 2.41X
• Dealers 13.04% versus six-month average of 16.9%
• Directs (domestic demand) 19.46% versus six-month average of 18.3%
• Indirects (international demand) 67.5% versus six-month average of 64.8%

Highlights:

The tail was less than the six-month average although still positive. They bid the cover was slightly better. Both direct and indirect's were higher than the six-month average.

Good demand across the board. Dealers saddled with less of the auction to distribute

Auction Grade: B+