U.S. Treasury auctioned off $24 billion of 20 year bonds at 1.890%

WI yield at the time of auction 1.878%

  • Tail +1.2 basis point. The six month average was 0.0 basis points
  • High yield 1.890% versus WI of 1.878%
  • Bid to cover 2.33x versus six month average of 2.33x.
  • Directs 18.94% versus 17.9% six month average
  • Indirects 60.16% versus six month average of 58.9%
  • Dealers 20.91% versus 23.1% six month average of 23.1%

I would give the auction a grade of a C+/B-

  • The high yield was 1.2 basis points above the WI yield at the time of the auction
  • The bid the cover was equal to the six month average
  • The dealers took less than the six month average helped by decent demand from foreign indirect buyers (albeit at at a higher yield than the WI level). There was also greater than average domestic demand

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