NEW YORK Aug 13 The U.S. Treasury Department on
Wednesday sold $24 billion of 10-year notes at a yield of 2.439
percent, which was the lowest since June 2013 on above-average
demand from investors and foreign central banks.
Large fund managers, overseas central banks and other
indirect bidders accounted for 46.99 percent of the purchases of
the latest 10-year issue, part of this week's $67 billion of the
federal government quarterly refunding. It was this group's
largest share purchase at a 10-year auction since May, Treasury
Primary dealers or the 22 top U.S. Wall Street firms that
deal directly with the Federal Reserve bought 37.91 percent of
the 10-year offering, their smallest share also since May.
The Treasury awarded direct bidders which include smaller
bond dealers and selected large financial companies 15.1 percent
of the supply, up from 13.91 percent in July.
The ratio of the amount of bids to the size of the offering
was 2.83, up from 2.57 the previous month.
The bid-to-cover ratio is a gauge of overall demand at a
(Reporting by Richard Leong; Editing by Meredith Mazzilli)