{tables} (full story)

Having seen yields in the secondary market plunge to 3-month lows during the morning, Treasuries were sold ahead of the $38 billion reopening 10-year sale (backup to a When Issued yield of 1.507% - from 1.4705% intraday lows). Demand was stellar with the bid-to-cover (2.58x) surging to its highest since July 2020... {chart} Today's high yield was 1.497% (almost 20bps below the 1.684% at the last auction), trading through the WI yield by a very significant 1bps {chart} Indirect demand (65%) surged to its highest since mid 2020... {chart} Due to the surge in indirect demand, dealers were allocated the lowest amount ... (full story)