US Treasury auctions off $16B of 20-year bonds at a high yield of 5.047% ...Middle East

High yield: 5.047%WI level at the time of the auction 5.035%Tail 1.2 basis points versus six-month average of -0.4 basis pointsBid to cover 2.46X vs six-month average of 2.57XDirect (domestic buyers) 14.1% versus six-month average of 17.1%Inirects (international buyers) 70.7% versus six-month average of 67.2%Dealers 16.9% versus six-month average of 15.7%

The tail of 1.2 basis point is well above the -0.4 basis point average. The domestic buyers were much less than the six month average. The international buyers were better than expected given some positive.

Not a great auction but it is not the best of issues as evidenced by the kink in the yield curve. The 10 year yield is that 4.550% while the 30-year is below the 20 year yield at 5.0321%.

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

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