Wall Street Share of 10-Year Auction Lowest Since January: Chart

Wednesday’s $22 billion U.S. 10-year note sale drew a yield of 2.859 percent, with a bid-to-cover ratio of 2.57, the lowest since May. Indirect bidders, which include foreign and international monetary authorities, took 65 percent, the greatest share since March. Primary dealers, which are obligated to bid, took 24.5 percent, the smallest share since January. Direct bidders purchased 10.5 percent. Ian Lyngen of BMO Capital Markets called the sale “strong” and noted that as with Tuesday’s 3-year results, “this helps the flattening bias.”