US treasury auctions off 27 billion year bonds
- high yield 1.422% vs. WI 1.413%
- bid to cover 2.27x vs. six-month average of 2.44x
- dealers 23.49% vs. six-month average of 23.2%
- directs 15.3% vs. six-month average of 14.2%
- Indirects 61.2% vs. six-month average of 62.6%
overall the tail of nearly 1 basis point and the light bid to cover suggests there was some light interest in the issue. Dealers were not saddled with a large amount. The bid to cover and high yield led to the distribution.
I give it a grade of D+
