WI at time of auction was at 0.794%
- High yield 0.788%.
- WI at time of auction 0.794%.. Tail -0.6 bps
- Bid to cover 2.49x. Six month average 2.34 times
- Dealers 20.78%. Six month average 26.3%. Smallest amount since September 2020
- Indirects 64.4%. Six month average 57.9%
- Directs 14.9%. Six month average 15.8%
- Yield was below the WI level at the time of auction by -0.6 basis point
- Dealers are saddled with much less than the average at 20.78% versus 26.3%
- The foreign demand as measured by indirect bidders shows strong demand at 64.4% versus 57.9%.
- Bid to cover was comfortably above the six month average as well at 2.49x vs 2.34x
The cycle high in the five year yield reach 0.988% back in April. The low move down to 0.89% (that was the all-time low yield). The yield remains above its rising 100 hour moving average at 0.699%.
Rick Santelli on CNBC David a grade of A-