The 1st coupon auction of the week was met with average demand. The US treasury sold $58 billion of 3 or notes at a high yield of 4.474%. The WI level at the time of the auction was just above that level at 4.75% creating a tale of -0.1 basis points.
- Bid to cover 2.72X was higher than the average of 2.62X
- Domestic buyers (directs) took 26.9%, above the 20.4% average
- international buyers (indirects) took 64.2% versus 65.5% average
- Dealers took less than average at 10.9% vs 14.1% average.