US treasury sells $33 billion of 10 year notes at a high yield of 3.030%

• High yield 3.030%
• WI level at the time of the auction 3.018%
• tail 1.2 basis points vs. six-month average of 0.5 basis points
• bid to cover 2.41X vs. six-month average of 2.50X
• directs 19.37% vs. six-month average of 17.3%
• Indirects 63.59% vs. six-month average of 69.1%
• dealers take 17.04% vs. six-month average of 13.5%

Auction grade: D-

• Tail of 1.2 basis points is higher than the six-month average of 0.5 basis points as investors shun the auction
• international demand came in much weaker than the six-month average. Yesterday the 3 year auction also had much weaker international demand
• domestic demand was above average but came at a concession to the WI 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
• the bid to cover was also weaker than the six-month average
• dealers were left with an above average amount of 10 year notes to distribute after the auction