The US treasury auctioned off $15 billion a 20 year bonds:
- High yield 3.954%
- WI level at the time of the auction 3.964%
- Tail -1.0 basis points versus six-month average of -1.0 basis points
- Directs (a measure of domestic demand 18.1%) versus six-month average of 18.0%
- Indirects (a measure of international demand) 70.6% versus six-month average of 72.5%
- Dealers 11.3% versus six-month average of 9.5%
Auction grade: C-
There was a negative tail but it equaled the six-month average. The bid to cover was below the average. Dealers took more because the indirect was less than average.
