US treasury auctions off $35 billion of 7 your notes at a high yield of 3.563%

• High-yield 3.563%
• WI level at the time of the auction 3.550%
• Tail 1.3 basis points vs six-month average of 0.9 basis points
• Bid Bid In a market, a bid is a price at which a buyer is willing to purchase a specific security, such as a currency, stock or bond. It is the highest price that a buyer is willing to pay for a security. Bids are typically made by market participants such as investors and traders, and are usually entered into an electronic order book or trading platform.When a market participant is looking to buy a security, they will typically place a bid at a certain price. If there are multiple buyers looking to pur In a market, a bid is a price at which a buyer is willing to purchase a specific security, such as a currency, stock or bond. It is the highest price that a buyer is willing to pay for a security. Bids are typically made by market participants such as investors and traders, and are usually entered into an electronic order book or trading platform.When a market participant is looking to buy a security, they will typically place a bid at a certain price. If there are multiple buyers looking to pur Read this Term to cover Cover When a trader says he or she is going to "cover," it typically refers to the act of closing out a short position in a security, stock, or forex position. Short selling is a trading strategy where a trader borrows shares or securities and sells them in the market with the expectation that the price will decline. If the price does indeed drop, the trader can buy back the shares at a lower price, return the borrowed shares to the lender, and pocket the difference as profit.To "cover" a short positi When a trader says he or she is going to "cover," it typically refers to the act of closing out a short position in a security, stock, or forex position. Short selling is a trading strategy where a trader borrows shares or securities and sells them in the market with the expectation that the price will decline. If the price does indeed drop, the trader can buy back the shares at a lower price, return the borrowed shares to the lender, and pocket the difference as profit.To "cover" a short positi Read this Term 2.41X versus six-month average of 2.46X
• Directs 21.08% versus six-month average of 19.1%
• Indirect 64.1% versus six-month average over 66.5%
• Dealers 14.8% versus six-month average of 14.4%

Auction grade: D+

Highlights: The one highlight is that the domestic demand was above the six-month average.

Other than that, the components were worse than the six-month averages. The tail was higher. The bid to cover was lower. The international demand was less than average.

Generally speaking it's not the most favored issue. The results back that up.