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).