US treasury sells $16 billion of two-year notes at a high yield of 4.315%
- High yield 4.315%
- WI level at the time of the auction 4.320%
- Tail -0.5 basis points vs average of 0.1 bps
- Bid to cover 2.66X vs average of 2.63X
- Directs 34.05% versus average of 29.2%
- Indirects 56.59% versus average of 58.2%
- Dealers 9.36% versus average of 12.6%
AUCTION GRADE: B+
Solid auction with a negative tail, directs higher. Indirect modestly below the average. Dealers are saddled with less than average
This article was written by Greg Michalowski at investinglive.com.