The U.S. Treasury to auction $13 billion of 20 year bonds at the top of the hour

<ul><li><p>High Yield:</p><ul><li>Last: 4.780%</li></ul></li><li><p>Tail (the difference between the WI level at the time of the auction vs the actual high yield):</p><ul><li>Last: -1bps</li><li>Six-month average: -0.6bps</li></ul></li><li><p>Bid-to-Cover Ratio (a measure of the number of bids vs the auction amount):</p><ul><li>Last: 2.58x</li><li>Six-month average: 2.71x</li></ul></li><li><p>Dealers' Participation:</p><ul><li>Last: 9.5%</li><li>Six-month average: 10.1%</li></ul></li><li><p>Direct Bidders (a proxy for domestic buyers):</p><ul><li>Last: 16.5%</li><li>Six-month average: 19.8%</li></ul></li><li><p>Indirect Bidders (a measure of international buyers):</p><ul><li>Last: 74.0%</li><li>Six-month average: 70.1%</li></ul></li></ul>

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