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Shortly after today's first bond auction, the $58BN in 3Y notes which saw brisk demand at 1130am ET this morning, moment ago the US Treasury held the second coupon sale for the day when it sold $38 billion in a closely watch 9-year 10-month reopening. This auction was less enticing to buyers, stopping at a yield of 1.680%, which was the highest since January 2020 and also tailed the When Issued 1.678% by 0.2bps. The bid-to-cover of 2.36 was in line with recent auctions, which have averaged 2.39 in the past 5 months, if the lowest since December. The internals were a little better, with Indirects taking down 59.6% of ... (full story)