US treasury auctions off $15 billion of 20 year bonds at a high yield of 3.977%

• 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 3.977%
• WI level at the time of the auction 3.975%
• Tail +0.2 basis points versus six-month average of -0.6 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 2.54X versus six-month average of 2.6X
• Directs (a measure of domestic demand) 17.97% versus six-month average of 17.5%
• Indirects (a measure of international demand) 75.3% versus six-month average of 71.7%
• Dealers (they take the balance) 6.73% versus six-month average of 10.9%

Auction grade: B-/C+

The demand was good especially from international buyers. That led to the dealers taking a low percentage. The bid to cover was late compared to the six month average. The tail of +0.2 basis points was higher than the -0.6 basis points seen over the last six months.

It was a little above average but not great