The US treasury auctioned off $25 billion of 30-year bonds. The results vs the 6-month averages shows.
High Yield: 4.635
- Previous: 4.671%
- Six-auction average: 4.451%
- WI level at the time of the auction: 4.642%
Tail: -0.7 bps
- Previous: 1.0 bps
- Six-auction average: 0.3 bps
Bid-to-Cover: 2.41X
- Previous: 2.37x
- Six-auction average: 2.38x
Dealers: 15.36%
- Previous: 17.3%
- Six-auction average: 16.6%
Directs: 19.78%
- Previous: 18.3%
- Six-auction average: 16.6%
Indirects: 64.86%
- Previous: 64.4%
- Six-auction average: 66.8%
OVERALL GRADE: B
Summary: There was a negative tail vs 0.3BP average. The bid-to-cover was above the average indicative of better than average demand. THe domestic buyers was stronger than the average, but the international demand was less than average.
