The U.S. Treasury sells $69 billion of two-year notes:
High yield 3.786%
WI level at the time of the auction 3.787%
Tail-0.1 basis points versus six-month average of -0.3 basis points
Bid-to-Cover 2.58X versus six-month average of 2.62X
Directs 26.3% versus six six-month average of 17.6%
Indirect 60.5% versus six-month average of 71.3%
Dealers…