10 yr auction uneventful which I guess is better than not good

The 10 yr note auction was uneventful as the yield of 4.68% was about right in line with the when issued pricing. The bid to cover of 2.53 was around spot on with the previous 12 month average of 2.54. The one fly was that dealers were left with 15.6% of the auction which is a touch above the one year average of about 14%.

Bottom line, in light of the persistent rise in long rates, an uneventful auction I guess is better than one that is soft and yields are little changed in response, though holding at the highs of the day with the 10 yr yield at 4.67-.68.