The auction priced at a discount with a Coupon of 4.375% and a High Yield of 4.538% . With an original dated date of May 15, 2026, and an issue date of June 15, 2026, buyers will settle $3.68546 of accrued interest per $1,000.
Demand Metrics
- Demand was highly resilient, printing a healthy Bid-to-Cover ratio of 2.57x on total tendered bids of $100.04 billion. The competitive breakdown shows an exceptionally strong institutional and international footprint:
- Indirect Bidders dominated the auction, capturing 78.21% ($30.44 billion) of the competitive allocation. This outsized share underscores aggressive end-user buying from global asset managers and foreign central banks.
- Direct Bidders secured 12.32% ($4.80 billion), representing steady domestic proprietary demand.
- Primary Dealers were left with a minimal drop of just 9.46% ($3.68 billion).
Because end-users cleared over 90% of the competitive supply, dealer inventory burden remained exceptionally low, signaling that the market cleanly digested the supply without requiring an artificial clearing rescue. The yield dispersion showed a median of 4.480% and a low of 4.400%, with 71.34% of the final competitive bids allotted at the 4.538% high yardstick. Noncompetitive retail awards accounted for a minor $85.32 million, while SOMA takedown was zero.