The coupon rate was 2.25% but they sold low enough to give a yield of 2.475%. The bid to cover was 2.13 suggesting good demand. Now to see if the dealers run up the price now that they have taken out the issue. They often do.

It looks like a mild rally may have started. Bonds traded down to 164^22 during the auction and they have now rallied to 165^01.

Best wishes,

dhm