US treasury sells $42 billion of 10 year notes at a high yield of 4.632%

• High yield 4.632%
• WI level at the time of the auction 4.623%
• Tail 0.9% versus six with average of 0.1%
• Bid to cover 2.48X vs. six month average of 2.54X
• Directs (domestic demand) 13.6% versus six with average or 17.4%
• Indirects (international demand) 71.5% vs 6 month average of 68.8%
• Dealers 13.6% versus six point average of 17.4%

Auction Grade C

The good is the international demand remained strong. As a result the dealers were saddled with less than the average.

Bid to cover were close to the average.

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