U.S. Treasury auctions off $39 billion of 10 year notes at a high yield of 4.538%

• High yield 4.538%.
• WI level at the time of the auction 4.539%.
• Tail -0.1 basis points versus six auction average of 0.6 basis points
• Bid to cover 2.57X versus 2.44X
• Directs 12.3% versus average of 21.1%
• Indirects 78.21% versus average of 67.6%
• Dealers 9.5% vs average 11.4%

Auction Grade B+

The only negative was that the domestic buyers were much less than the average. The international buyers made up for the shortfall and the dealers were saddled with less than the average which is indicative of solid demand.

This article was written by Greg Michalowski at investinglive.com.