Auction Grade: B-
Positive Factors:
High Yield vs. WI (When-Issued): The high yield came in 3.955%, which is 1.0 basis point better than the WI level of 3.965%. That’s a negative tail (i.e., the yield was lower than expected), and better than the 6-month average tail of -0.4 bps. ✅ Positive signal of stronger-than-expected demand.
Direct Bidders: Awarded 26.2%, significantly above the six-month average of 16.4%. ✅ Shows strong appetite from domestic buyers, often viewed as “real money” participants.
Neutral to Slightly Negative Factors:
Bid-to-Cover Ratio: Came in at 2.57x, below the 6-month average of 2.65x. ❌ Suggests slightly weaker overall demand in terms of total bids per amount offered.
Indirect Bidders (Foreign/Central Banks): Awarded 63.3%, lower than the 72.7% average. ❌ Could point to weaker foreign demand
Dealer Takedown: 10.5%, close to the 10.9% average. ⚖️ Roughly in line, not a major driver either way.
Why not higher than a B?
While the strong tail and direct bidder interest are definite positives, the lower bid-to-cover and drop in indirect interest indicate a less broad-based appeal. For an “A” auction, we’d expect above-average demand across all major bidder categories and a strong bid-to-cover.
Conclusion: Strong pricing and healthy direct interest, but only modest demand overall—a B-
This article was written by Greg Michalowski at www.forexlive.com.Hence then, the article about us treasury auctions off 69 billion of two year notes 3 955 was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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