Well, that escalated quickly.
10Y yields just spiked following a nasty looking, tailing 10Y auction. Here’s the breakdown:
- Treasury Sells $23b 10Y at 2.333% vs 2.314% WI Yield at Deadline
- High yield 2.333% vs last auction 2.342%
- Bid-to-cover 2.29 vs last auction 2.58
- Dealers awarded 30.6% vs last auction 20.7%
- Direct bidders awarded 4.4% vs last auction 8.7%
- Indirect bidders awarded 65.1% vs last auction 70.5%