US sells $16 billion of 20 year bonds at a high yield of 5.122%

• High yield 5.122%
• WI level at the time of the auction 5.122%
• Tail 0.0 basis points
• Bid to cover 2.55X
• Directs 22.94%
• Indirects 67.67%
• Dealers 9.39%

The dealer takedown was less than the 6-month average of 11.1%. The Bid to cover was a little lower than the average at 2.62x but the international demand saved the day with 67.67% vs 6-month average at 63.5%.

AUCTION GRADE C+

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