US treasury auctions $15 billion of 20 year bonds at a high yield of 3.954%

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.