TreasFest! $30 Billion Treasury 2Y Note Auction Draws Yield Of 2.31%, Highest Since 2008

By Anthony B. Sanders

Treasury’s $30 billion two-year U.S. note sale drew a yield of 2.31 percent, the highest since 2008, with a bid-to-cover ratio of 2.91, in line with the average over the past 10 auctions. Indirect bidders, a class of investors that includes foreign central banks and mutual funds, bought 44.5 percent, down from the 49.7 percent average. Direct bidders purchased 14.1 percent.

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That left primary dealers, which are obligated to bid at auctions, with 41.3 percent, the largest share since December.

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Here are the details.

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Here is a video of the Treasury auction.

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