Bonds
US Treasury Sells $69 Billion in Two-Year Notes at 4.787% Yield
The U.S. Treasury auctioned $69 billion in two-year notes, achieving a high yield of 4.787%. The auction's demand reflected a bid-to-cover ratio of 2.63, slightly above the average.
Auction Overview
The U.S. Treasury successfully sold $69 billion in two-year notes, with a high yield of 4.787%. This yield was marginally higher than the when-issued level of 4.785%, resulting in a tail of 0.2 basis points, slightly above the average of 0.1 basis points.
Demand Metrics
- Bid-to-Cover Ratio: 2.63, compared to the average of 2.61
- Direct Bidders: 29.2%, above the average of 28.3%
- Indirect Bidders: 57.79%, slightly below the average of 58.6%
- Dealers: 13.19%, in line with the average of 13.1%
Overall, the auction received a grade of C, indicating that it was close to average. While demand was better than expected, there were no significant indicators of strength or weakness in the results.
This article is for information only and is not investment advice.