- High yield 4.659%
- WI level at the time of the auction 4.648%
- Tail 1.1 basis points vs 0.1 6-month average
- Bid to cover 2.43X vs 2.57X vs 6-month average
- Dealer 19.9% vs 18.52% 6-month avereage
- Directs 15.9% vs 18.7% 6 month average
- Indirects 64.14% vs 63.2% 6-month average
AUCTION GRADE: D
The domestic demand was very small. The international tried to make up for it, but it was not enough. The tail was 1.1 basis points well above the 6-month average.
The treasury will auction off 10 year notes tomorrow and 30-year bonds on Thursday
Looking at the current yield curve:
- 2-year yield 4.888%, +1.9 basis points
- 5-year yield 4.492%, +4.1 basis points
- 10 year yield 4.478%, +5.1 basis points
- 30-year yield 4.605%, +5.8 basis points