US treasury auctions $32 billion of 10 year note today high yield of 3.330%

• High yield Yield A yield represents the earnings generated by an investment or security over a certain time period. Yields are typically displayed in percentage terms and are in the form of interest or dividends received from it.These figures do not include the price variations, which separates it from the total return. Consequently, a yield applies to various stated rates of return on stocks, fixed income instruments such as bonds, and other types of investment products.Yields can be calculated as a ratio or as A yield represents the earnings generated by an investment or security over a certain time period. Yields are typically displayed in percentage terms and are in the form of interest or dividends received from it.These figures do not include the price variations, which separates it from the total return. Consequently, a yield applies to various stated rates of return on stocks, fixed income instruments such as bonds, and other types of investment products.Yields can be calculated as a ratio or as Read this Term 3.330%
• WI level 3.303%
• Tail 2.7 basis point
• bid to cover 2.37X vs. six-month average of 2.45X
• Dealers 19.8%vs. the six-month average of 15.3%
• Directs 17.9% vs. the six-month average of 17.7%
• Indirects 62.3 percent vs. the six-month average of 67.0%

Auction Grade: D

• Tail is well above the 6 month averageof 1.2 bps
• Directs - a measure of domestic demand - was a touch stronger than expectations
• Indirect - much weaker than expectations. This is a measure of foreign demand
• Dealers were saddled with more than average.

The only thing that kept it from an F is the domestic demand but that was still at a larger than expected tail. So it is a small victory in what was an auction where demand was tepid.