Technical Analysis

US auctions US$24 billion of 10 year notes at 2.466%

WI at the auction deadline was at 2.476%

  • Bid to cover, 2.55x vs 6 month average of 2.46x
  • Primary dealers take 19.63%
  • Directs 12.0% vs 9.1% last month
  • Indirects 68.4% vs 69.4% last month
  • Lowest yield since December 2017

A solid auction with the high yield lower than the WI at auction time by 1 bp. The Bid to cover was also above the 6 month average of 2.46x (was 2.55x).

This despite the yield being the lowest since December 2017. 
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