November 18 -- Thursday’s $11 billion sale of 10-year Treasury Inflation-Protected Securities drew a yield of 0.369 percent, with a bid-to-cover ratio of 2.39, compared with an average of 2.35 at the previous 10 auctions. Indirect bidders, a class of investors that includes foreign central banks and mutual funds, bought 72.5 percent, compared with about 67 percent on average over the past 10 sales. Primary dealers, which are obligated to bid at auctions, took about 18 percent, up from an average 28 percent in the past 10. Direct bidders, non-primary-dealer investors that place bids with the Treasury, purchased 9.3 percent, the highest since January and compared with an average of 4.6 percent at the last 10 auctions. London & Capital Group CIO Pau Morilla-Giner discusses with Yousef Gamal El-Din on "Bloomberg Daybreak: Europe."