US treasury auctions off $17 billion of 20 year bonds at a high yield of 3.29%

• 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 3.29%
• WI level at the time of the auction 3.292%
• Tail -0.2 basis points vs six-month average -0.4
• Bid to cover 2.5X vs. six-month average of 2.56X
• Directs 16.43% vs. six-month average of 19.9%
• Indirects 70.57% vs six-month average of 65.7%
• Dealers 13% vs six-month average of 14.3%

Auction grade: B-

The international market were strong buyers once again. However, domestic buyers were less than expectations.

There was a -0.2 basis point tail which was a little lower than the six-month average of -0.4 basis points but still on the good side of demand.

The bid to cover was a little less as well.

The auction is above average but not "A" material.