* High-yield 4.506%
* WI level at the time of the auction 4.518%
* Tail -1.2 basis points versus 6 month average of -0.2 basis points.
* Bid to cover 2.73X versus 6 month average of 2.64X
* Directs 26.3% versus 6 month average of 20.4%
* Indirects 63.6% versus 6 month average of 66.5%
* Dealers 10% vs 6 month average of 13.1%.




Auction Grade: A

An off the run issue, yet the demand was strong. The tail -1.2 basis points was better than the -0.2 basis point average. THe Bid to cover was above the six-month average. The buyers were domestic buyers.IInternational buyers were a bit later than the six-month average, but the dealers were still saddled with only 10% which was well below the 13.1% average..
This article was written by Greg Michalowski at investinglive.com.


https://investinglive.com/news/us-treasury-thousand-13-billion-of-20-year-bonds-at-a-high-yield-of-4506-20251022/?utm_source=dlvr.it&utm_medium=blogger