U.S. Treasury auctions off $16 billion at a high yield of 4.635%

• High yield:
• WI level at the time of the auction: 4.637%
• Tail -0.2 basis points versus six month average of 0.0 basis points
• Bid to Cover: 2.51X versus six month average of 2.61X
• DIrects (a measure of domestic demand): 19.18 %versus six month average of 18.5%
• Indirects (a measure of international demand): 70.76 % versus six with average of 68.3%
• Dealers:10.1% versus six month average of 13.2%

Auction Grade: A

The only miss is the Bid to Cover which was below the 6 month average, but there still was a negative tail. The domestic and international demand was above expectations

This article was written by Greg Michalowski at www.forexlive.com.