The auction drew a bid-to-cover ratio of 2.64X, slightly above the six-month average, with indirect bidders taking 57.6%.
The US Treasury auctioned $69 billion of 2-year notes at a high yield of 4.071%, matching the when-issued rate. The bid-to-cover ratio reached 2.64X, marginally above the six-month average of 2.62X, signaling steady demand.
Dealer takedown was 12.3%, below the 12.8% average, while indirect bidders accounted for 57.6%, nearly in line with the 57.9% six-month average. Direct bidders took 30.1%, compared to a 29.2% average. The auction was graded C, reflecting consistency with recent trends.
Details aligned with historical averages, indicating no significant shift in investor appetite for short-duration Treasury debt.