{"id":428348,"date":"2026-03-12T00:25:10","date_gmt":"2026-03-11T17:25:10","guid":{"rendered":"https:\/\/www.swingfish.trade\/blog\/market-news\/2026\/03\/u-s-treasury-sells-39-billion-of-10-year-notes-at-a-high-yield-of-4-217\/"},"modified":"2026-03-12T00:25:10","modified_gmt":"2026-03-11T17:25:10","slug":"u-s-treasury-sells-39-billion-of-10-year-notes-at-a-high-yield-of-4-217","status":"publish","type":"post","link":"https:\/\/www.swingfish.trade\/blog\/market-news\/u-s-treasury-sells-39-billion-of-10-year-notes-at-a-high-yield-of-4-217-428348\/","title":{"rendered":"U.S. Treasury sells $39 billion of 10 year notes at a high yield of 4.217%"},"content":{"rendered":"<div>\n<ul>\n<li>High-yield. 4.217%<\/li>\n<li>WI level at the time of the auction 4.210%<\/li>\n<li>Tail 0.7 basis points versus 6 month average of 0.3 basis points<\/li>\n<li>Bid to cover 2.45X versus 6 month average of 2.48X 6 month average of<\/li>\n<li>Directs 12.8% vs 6 month average of 20.3%<\/li>\n<li>Indirects 74.5% versus 6 month average of 69.3%<\/li>\n<li>Dealers 12.7% versus 6 month average of 10.3%<\/li>\n<\/ul>\n<p>Auction Grade: C-<\/p>\n<p data-start=\"0\" data-end=\"131\">The 10-year note auction came in with below-average demand, though it was not as weak as the 3-year auction held yesterday.<\/p>\n<p data-start=\"133\" data-end=\"431\">The auction tailed by 0.7 basis points above the six-month average, indicating investors required a slightly higher yield to take down the supply. The bid-to-cover ratio was roughly in line with the six-month average, suggesting overall participation was steady but not particularly strong.<\/p>\n<p data-start=\"433\" data-end=\"694\">Looking at the breakdown of buyers, domestic demand was notably soft, accounting for just 12.8% of the issue, well below the recent average. That weakness was partially offset by stronger international demand, which helped absorb some of the supply.<\/p>\n<p data-start=\"696\" data-end=\"854\">With end-user demand somewhat muted, primary dealers were left taking a larger share, coming in at 12.7% compared with the six-month average of 10.3%.<\/p>\n<p data-start=\"856\" data-end=\"1012\" data-is-last-node=\"\" data-is-only-node=\"\">Overall, the auction was not as poor as yesterday\u2019s 3-year auction\u2014which earned a \u201cD\u201d grade\u2014but it still fell short of being considered a strong result.<\/p>\n<p>                            This article was written by Greg Michalowski at investinglive.com.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>High-yield. 4.217% WI level at the time of the auction 4.210% Tail 0.7 basis points versus 6 month average of 0.3 basis points Bid to cover 2.45X versus 6 month average of&hellip;<\/p>\n","protected":false},"author":216,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86],"tags":[],"class_list":["post-428348","post","type-post","status-publish","format-standard","hentry","category-market-news"],"_links":{"self":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/428348","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/users\/216"}],"replies":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/comments?post=428348"}],"version-history":[{"count":0,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/428348\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/media?parent=428348"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/categories?post=428348"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/tags?post=428348"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}