10 Year Auction Results

The bid to cover ratio for the 10-year auction was exceptionally high, which is extremely good, but it hides a growing imbalance within the auction. Today's results did little to alter the trend towards increased direct and indirect bidder participation at the expense of primary dealers. Direct bidders took down a whopping 17.5% of the total accepted bids. This exceeds the high water mark set in January 2010.

10 Year Auction Results:


Average Percentage of Total Accepted Bids Primary Dealers, Direct and Indirect Bidders since 2009:


Source: treasurydirect.gov