Technical Analysis

US treasury auctions off $42 billion of two-year notes at a high yield of 4.505%


The US treasury auctions off $42 billion of two-year notes:

  • High yield 4.53%
  • WI level at the time of auction 4.513%
  • Tail -0.8 BPS vs. the six-month average of 0.5 basis points
  • Bid to cover 2.64X vs. six-month average of 2.55X
  • Directs (a measure of domestic demand) 22.39% vs. six-month average of 22.5%
  • Indirects (a measure of international demand) 56.98% vs. six-month average of 56.6%
  • Dealers 20.62% vs. six-month average of 21.0%

Auction Grade: B

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