US treasury auctions off $15 billion of 20 year bonds at a high yield of 3.977%


  • WI level at the time of the auction 3.975%
Greg Michalowski

Auction grade: B-/C+

The demand was good especially from international buyers. That led to the dealers taking a low percentage. The bid to cover was late compared to the six month average. The tail of +0.2 basis points was higher than the -0.6 basis points seen over the last six months.

It was a little above average but not great

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