• High-yield 3.504%
• WI level at the time of the auction 3.503%
• Tail 0.1 basis points
• Bid to cover 2.59X versus 6 month average of 2.58X
• Directs 34.7% versus 6 month average of 30.1%
• Indirects 53.7% versus 6 month average of 58.4%
• Dealers 11.6% versus 6 month average of 11.5%

Auction Grade: C

Nothing great or bad with the auction. Domestic demand was higher but international demand was lower than expectations.The treasury will auction off 5 year notes at 1 PM

This article was written by Greg Michalowski at investinglive.com.