US treasury auctions off $46 billion of 2 year notes at a high yield of 0.193%

2 year note auction results

  • high yield 0.193% vs. WI of 0.197%
  • bid to cover 2.46x vs. six-month average of 2.6x
  • dealers 31.2% vs. six-month average of 33.6%
  • directs 16.7% vs. six-month average of 15.4%
  • indirect 52% vs. six-month average of 50.9%
The good news is that the high yield at 0.193% Tas lower than the WI level of 0.197%. Dealers also took less than the six-month average at 31.2% vs. 33.6% over the last 6 months. The not so great news was the bid to cover came in less than the six-month average at 2.46x vs. 2.6x (six-month average).