U.S. Treasury auctions off $39 billion of 10 year notes at a high yield of 4.362% ...Middle East

High-yield 4.362%WI level at the time of the auction 4.365%Bid to cover 2.61X versus six month average of 2.56XTail -0.3 basis points basis points versus six month average of -0.7 basis pointsDirects (domestic buyers) 23.7% vs six month average of 16.3%Indirects (international buyers) 65.4% vs six month average of 71.7%Dealers 10.87% vs six month average of 12.0%

The bid-to-cover was a touch higher than the average. The tail was negative but not as good as the six-month average.

The dealers were saddled with less than average.

SUMMARY: The domestic and international buyers reversed demand, but the dealers were less than normal. That gave the overall auction grade an upward bias. Grade: B-

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

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