U.S. Treasury auctions all $22 billion of 30 year bonds at a high-yield of 4.671%

• High yield: 4.671%
• WI level at the time of the auction: 4.661%
• Tail: 1.0 basis points vs. 6-month average of 0.8 basis points
• Bid to cover: 2.37X vs 6-month average of 2.38X
• Dealers:17.34% vs 6-month average 16.7%
• Directs: 18.28% vs 6-month average of 16.4%
• Indirects: 64.38% vs 6-month average of 66.9%

AUCTION GRADE: C

The auction was better than yesterday’s but still middle of the road (vs 6-month averages).

The tail was +1.0 basis points which is right around the average of 0.8 basis points. The Bid-to-cover was near the average as well. Domestic demand was stronger than average, but international was weaker.

Not bad/not great either. Middle of the road.

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