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US treasury auctions off 10-year yields at high yield at 4.483 | Forexlive

  • High Yield: vs six-auction average 4.276%
  • WI level at the time of the Auction 4.473%
  • Tail: 1.0 bps vs six-auction average 0.9 basis points
  • Bid-to-Cover Ratio: 2.49X vs six-auction average 2.49x
  • Dealers: 15.73% vs six-auction average 16.9%
  • Directs (a measure of domestic buyers):18.74% vs. six-auction average 17.0%
  • Indirects (a measure of international buyers): 65.52%vs. six-auction average 66.1%

Auction Grade: C

Although there was a 1.0 basis point tail, it was in line with the average over the last 6 months. The Bid to Cover was spot on the average. The domestic buyers were higher than the average while the international demand was a bit lower.

So overall, it is an average 10-year auction.

Stocks are modestly higher after the results with the:

  • S&P down 5.48 vs -7.09 at the time of the auction.
  • Nasdaq is down -47 vs -52.43