US treasury auctions off $12 billion of 20 year notes at a high yield of 3.920%

• WI level at the time of the auction 3.918%
• High-yield 3.918%
• Tail 0.2 basis points versus -0.7 basis points 6 month average
• Bid to cover 2.66X versus 2.62X 6 month average
• Tail versus -0.7 basis points 6 month average
• Directs (a measure of domestic demand) 19.24% versus 18.2% 6 month average
• Indirects (a measure of international demand) 68.72% versus 71.7% 6 month average
• Dealers 12.05% versus 10.2% 6 month average

Auction grade: C