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US Treasury sells $69 billion of 2-year notes at a high yield of 4.708%

Reported · Written up by our desk · Major Pairs

High yield: 4.708% WI level at the time of the auction: 4.705% Tail: 0.3 basis points vs the average of a 0.2-basis-point stop-through Bid to cover: 2.59X vs the average of 2.64X Directs: 41.32% vs the average of 30.4% Indirects: 45.68% vs the average of 58.3% Dealers: 13.0% vs the average of 11.3% Auction grade: C− The auction was a little below average. The high yield came in 0.3 basis points above the WI level, meaning buyers needed a modest yield concession to absorb the supply. Bid to cover was also slightly below a

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