US auctions $38B of 10 year notes at a high yield of 4.438%

- High yield:4.438% - WI level at the time of the auction: 4.458% - Tail -2.0 BPs vs 6 month average of 1.1 bps - Bid to cover: 2.60X vs 6-month average or 2.50X - Directs: 13.81% vs 6 month average of 17.53% - Indirects: 74.6% vs 6 month average of 65.42% - Dealers:11.59% vs 6 month average of 17.03% Auction grade:A- The only disappointment is that the domestic direct buyers were light, but they were overwhelmed by the international …