US treasury auctions off $35 billion of the 10 year at high yield of 4.14%

• High yield 4.14%
• WI level at the time of the auction 4.106%
• bid to cover 2.23X vs. the six-month average of 2.41X
• Tail 3.4 basis points vs. six-month average of 1.3 basis points
• Directs 18.1% vs. six-month average of 18.8%
• Indirects 57.5% vs. six-month average of 64.8%
• Dealers 24 4% vs. the six-month average of 16.4%

Auction grade: F

The 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 was much higher than the WI level (3.4 basis points).

The bid to cover was weak compared to the six-month average.

Domestic demand was below the six-month average.

International demand (indirects) were very weak.

The tail was the biggest since at least 2016.

The dealers were saddled with a much larger percentage than normal.