US 🇺🇸 10YR AUCTION:
FOREIGN DEMAND SINKS AS THE YIELD TOPS 5%
High yield: 5.020%, a 1 bp tail
Coupon: 5%, highest since at least 2008
Bid-to-cover: 2.46, lowest since May
Indirects: 61.2%, lowest since Oct. 2023
Directs: 29.0%, highest since 2013
Dealers: 9.8%, most since May