High Yield:
- Last: 4.780%
Tail (the difference between the WI level at the time of the auction vs the actual high yield):
- Last: -1bps
- Six-month average: -0.6bps
Bid-to-Cover Ratio (a measure of the number of bids vs the auction amount):
- Last: 2.58x
- Six-month average: 2.71x
Dealers' Participation:
- Last: 9.5%
- Six-month average: 10.1%
Direct Bidders (a proxy for domestic buyers):
- Last: 16.5%
- Six-month average: 19.8%
Indirect Bidders (a measure of international buyers):
- Last: 74.0%
- Six-month average: 70.1%
The U.S. Treasury to auction $13 billion of 20 year bonds at the top of the hour
- Actual results versus the 6- month averages of the major components will determine the auction's success or failure
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