The auction stopped at a high yield 0.653%, which was the highest since March (and decidedly above October's 0.600% auction), but due to the selloff in the rates complex, the auction had built up enough of a concession and it stopped through the When Issued 0.657% by 0.4bps.

Other metrics were less attractive, with the Bid to Cover at 2.374, which while up from 2.236 last month, was below the six auction average of 2.44.

There was some quite welcome news when looking at the Internals, where Indirects - i.e., foreign buyers - jumped from 60.1% to 65.4%, the highest since August, and well above the 63.7% recent average.