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US auctions $38B of 10 year notes at a high yield of 4.438%

2024-12-30FOREXLIVEFOREXLIVE
WI level at the time of the auction: 4.458%
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  • High yield:4.438%
  • WI level at the time of the auction: 4.458%
  • Tail -2.0 BPs vs 6 month average of 1.1 bps
  • Bid to cover: 2.60X vs 6-month average or 2.50X
  • Directs: 13.81% vs 6 month average of 17.53%
  • Indirects: 74.6% vs 6 month average of 65.42%
  • Dealers:11.59% vs 6 month average of 17.03%

Auction grade:A-

The only disappointment is that the domestic direct buyers were light, but they were overwhelmed by the international buyers who took a whopping 74.6% of the auction.

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