Results of the Treasury’s $26 billion, 2-year sale
– The notes traded at 0.880% on the bid side in the when issued market just before the results were posted
– Bid-to-cover 2.580 (lowest since Dec 2008)
The bid-to-cover was a low but demand was a touch stronger than the market was expecting. Solid auction overall but nothing that’s going to move the broader market.
