U.S. Treasury official auction results

U.S. Treasury's $39B 10-Year Note Auction Sees Strong Demand, 4.438% Yield, 2.67 Bid-to-Cover

Jun 11, 2024, 05:02 PM

The U.S. Treasury conducted a successful auction of $39 billion in 10-year notes today, resulting in a yield of 4.438%, slightly lower than the 4.458% when-issued yield. The auction saw strong demand, with a bid-to-cover ratio of 2.67, the highest since February 2022. Indirect bidders took 74.6% of the offering, also the highest since February 2023. Dealer takedown was 11.59%, down from the previous 15.73%. The strong auction performance led to a decrease in yields, with Treasuries trading higher post-auction. Santelli graded it an A, and the auction went 2 bps through.