U.S. Treasury sells $20 billion of 20 year bonds at a high yield of 1.942%

• High yield 1.942%
• Tail -2.3 basis points
• Bid to cover 2.59x versus six month average of 2.34X
• Dealers 14.34% versus six month average of 19.5%.
• Directs 20.83% versus six month average of 18.5%.
• Indirects 64.83%, versus six month average of 62.0%

Auction grade: A

• The yield was well below the WI level of 1.965% at the time of the auction.
• The directs (domestic demand) and indirects (international demand) were comfortably above their six month average
• Dealers were saddled with much less than the six month average
• Finally the bid the cover was well above the six month average

All the details are well above the average.