Treasury $21B 10-Year Auction Closes at 3.448% Yield

• The Treasury sold $21B in Ten-year notes on Wednesday at a yield of 3.448% vs. Exp. 3.421%

• Bid To Cover ratio 2.62 times the amount of debt sold, compared to an average of 2.92 times at the last four re-openings

• Indirects bought 35% vs. Avg. 45.2% of the last four sales

• Alloted at High 67.28%

Table: Treasury