Solid Demand For 10Y Paper Completes Today's Mammoth Treasury Issuance

In some ways, today's 2 coupon auctions were mirror images of each other: while the $32BN, 3Y auction tailed modestly, its internals were impressive, with the highest Indirect award in 4 years. Fast forward 90 minutes when the Treasury just sold another $22BN in paper, this time in 10Y notes, at a yield of 2.

962%, stopping through the When Issued 2.965%, and below last month's 2.995%, when there was must angst whether we would see the first 3% cash coupon in years ( we did not). Well, with the yield dropping further, today's coupon was a boring, old 2.875%.