This was the highest yield since September 2008, and is where the 10Y yield was trading exactly one week ago.

The internals showed a modest improvement, with the Bid to Cover virtually unchanged at 2.49, down from 2.50 last month, if above the 6 auction average of 2.45.

What is more interesting is that Direct bidders took down 13.7% of the auction, vs 8.3% last auction, 10.1% in the prior six, and the highest Direct award since August 2014.

Indirects, meanwhile, dipped from 63.5% in March to 60.2% (and below the 62.0% 6 month average) leaving Dealers holding 26.2% of the auction, a little below the 6 auction average of 27.9%.

Overall, an average auction, one which had little impact on the rest of the curve, or the pricing of 5Y paper itself in the open market.

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