U.S. Treasury auctions off of $16 billion of 20 year bonds at a high yield of 4.876%

• High-yield: 4.876%
• Tail -0.1 basis points versus six month average of -0.2 basis points
• WI level at the time of of the auction 4.877%
• Bid to cover 2.54X vs six month average of 2.63X
• Directs 26.5% vs six month average of 18.3%
• Indirects 60.64% vs six month average of 67.6%
• Dealers 12.88% vs six month average of 14.1%

AUCTION GRADE: C+

Direct and indirect cancel each other but dealers a saddled with 1.3% less than normal which is a positive.

The bid to cover was a little less than normal.

This article was written by Greg Michalowski at investinglive.com.