U.S. Treasury auctions off $37 billion of 10 year notes at a high yield of 4.024%

<ul><li>High-yield 4.024%</li><li>WI 4.019%</li><li>Tail of 0.5 basis points versus 6-month average of 0.8%</li><li>Bid to cover 2.56X versus 6-month average of 2.51X</li><li>Dealers 15.15% vs 6-month average of 14.5%</li><li>Directs 18.74% versus six month average of 18.8%</li><li>Indirects 66.11% versus six with average of 66.7</li></ul><p>Auction grade: Solid C</p><p>Highlights.</p><p>Most of the details in relation to the 6-month average were close enough to those levels. Although there was a 0.5 bp tail it was still lower than the 6-month average of 0.8 bps. The Bid to cover was a touch higher. Dealers were saddled with a little more than average. Direct demand was a touch lower, as was the Indirect demand. </p>

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