US treasury auctions off 20 year bonds at a high yield of 3.935%

• US auctions off $12B of 20 year bonds at 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 of 3.935%
• WI level was 3.948%
• Tail -1.3 bps vs 6 month avg of -0.3 bps
• Bid to cover 2.68X vs 6 month average of 2.56X
• Directs 19.0% vs 6 month average of 17.4%
• Indirects 72.3% vs 6 month average of 71.1%
• Dealers 8.7% vs 6 month average of 11.5%

Auction grade: A

Nothing wrong with the demand for that auction. A negative tail vs the WI at the time of the auction. Bid to cover above the 6 month average. Domestic (directs) and internations (indirects) both comfortably above the 6 month average. Dealers saddled with less than the average.

If there is concerns about overseas bids, this was not a problem (at least today).