The bid winning yield of US two-year treasury bond bonds is lower than the trading level before issuance

Golden Finance reported that the US Treasury Department auctioned $69 billion in two-year bonds, with a winning yield of 3.920%. The pre issue trading level at 11:30 New York time was 3.925%, with little change during the day. The market has little reaction to the auction results. Primary traders were allocated 10.3%, lower than the previous allocation. The allocation ratio for direct bidders increased to 34.4%, while the allocation ratio for indirect bidders decreased to 55.3%. The bid multiple is 2.62, which is in line with the average of the previous six issuances.