A reopening of $12 billion, 10-year Treasury bonds drew a high yield of 3.628% allotted to 82.6% of bidders. The high yield was below the 'when issued' yield of 3.648% prior to the announcement.
The median discount rate was 3.592% and the low yield was 3.550%. The bid-to-cover ratio was 2.51, with non-competitives taking $38,689,300.
Primary dealers took $8,740,320,000 with direct bidders receiving $64,500,000 of competitives and indirect bidders taking $3,156,500,000.
By Erik Kevin Franco and edited by Stephen Huebl
©CEP News Ltd. 2008