While the just concluded 10 Year auction was hardly exciting, pricing at 2.535%, which was slighly higher than last month's 2.44% if still the second lowest yield for a 10Year auction in 2014, and a 0.2 bps tail to the When Issued of 2.533%. The Bid to Cover of 2.71 was slightly below last month's 2.83, and right on top of the TMM average. But it was the internals where there was some fireworks, with the Indirects taking down well over half of the auction, or 53%, the first time that Indirects have received a majority of the auction since June 2013 and the highest Indirect bid since December 2011. The flipside was that Dealers were left with just 33.6% of the auction, the lowest since May, and Directs left holding 13.5% of the final allotment, below the 18.5% TTM average. All in all, a snoozer of an auction.
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