{"id":440860,"date":"2026-10-27T02:00:07","date_gmt":"2026-10-26T19:00:07","guid":{"rendered":"https:\/\/www.swingfish.trade\/blog\/market-news\/us-treasury-sells-69-billion-of-2-year-notes-at-a-high-yield-of-4-708-440860\/"},"modified":"2026-10-27T02:00:07","modified_gmt":"2026-10-26T19:00:07","slug":"us-treasury-sells-69-billion-of-2-year-notes-at-a-high-yield-of-4-708","status":"publish","type":"post","link":"https:\/\/www.swingfish.trade\/blog\/market-news\/us-treasury-sells-69-billion-of-2-year-notes-at-a-high-yield-of-4-708-440860\/","title":{"rendered":"US Treasury sells $69 billion of 2-year notes at a high yield of 4.708%"},"content":{"rendered":"<div>\n<ul>\n<li>High yield: 4.708%<\/li>\n<li>WI level at the time of the auction: 4.705%<\/li>\n<li>Tail: 0.3 basis points vs the average of a 0.2-basis-point stop-through<\/li>\n<li>Bid to cover: 2.59X vs the average of 2.64X<\/li>\n<li>Directs: 41.32% vs the average of 30.4%<\/li>\n<li>Indirects: 45.68% vs the average of 58.3%<\/li>\n<li>Dealers: 13.0% vs the average of 11.3%<\/li>\n<\/ul>\n<p>Auction grade: C\u2212<\/p>\n<p>The auction was a little below average. The high yield came in 0.3 basis points above the WI level, meaning buyers needed a modest yield concession to absorb the supply. Bid to cover was also slightly below average. The bigger shift was in the bidder mix, with indirect participation falling to 45.68% while directs stepped up to take 41.32%. That stronger direct demand helped fill the gap, but dealers were still left with a larger share than usual. Overall, a soft auction, although the small tail and modest miss in bid to cover keep it from being a particularly poor result.<\/p>\n<p>                            This article was written by Greg Michalowski at investinglive.com.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>High yield: 4.708% WI level at the time of the auction: 4.705% Tail: 0.3 basis points vs the average of a 0.2-basis-point stop-through Bid to cover: 2.59X vs the average of 2.64X&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-440860","post","type-post","status-publish","format-standard","hentry","category-market-news"],"_links":{"self":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/440860","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=440860"}],"version-history":[{"count":0,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/440860\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/media?parent=440860"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/categories?post=440860"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/tags?post=440860"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}