US sells USD 39bln in 10yr notes: Tail 0.2bps
The recent auction of USD 39 billion in 10-year notes saw a high yield of 4.282%, up from 4.217%, suggesting a slight increase in borrowing costs.
Senior US official says the White House is not currently concerned that the situation in Lebanon would cause the ceasefire with Iran to collapse; Trump and Netanyahu agreed during call pre-ceasefire that fighting could continue in Lebanon
Israel Transport Ministry says the Ben Gurion Airport near Tel Aviv will resume full operations at midnight following the ceasefire
US sells USD 39bln in 10yr notes: Tail 0.2bps
Fed's Daly (2027 voter) does not address the economy or monetary policy outlook in prepared remarks
Initial reports of explosions in Tehran and Isfahan, via Kan News
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- High Yield: 4.282% (prev. 4.217%, six-auction avg. 4.132%); WI 4.280%.
- Tail: 0.2bps (prev. 0.7bps, six-auction avg. 0.3bps)
- Bid-to-Cover: 2.43x (prev. 2.45x, six-auction avg. 2.49x)
- Dealers: 10.8% (prev. 12.7%, six-auction avg. 9.8%)
- Directs: 23.88% (prev. 12.8%, six-auction avg. 19.2%)
- Indirects: 65.32% (prev. 74.5%, six-auction avg. 71.0%)
The tail of 0.2bps, which is down from previous auctions, indicates stronger demand than expected, reflected in the high indirect bidder participation. However, the decline in the bid-to-cover ratio from prior auctions may point to some waning enthusiasm among primary dealers, suggesting a mixed sentiment in the market for longer-duration debt.
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