The U.S. Treasury to auction $13 billion of 20 year bonds at the top of the hour

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%