US treasury auctions off $27 billion of 20 year bonds at high yield of 1.422%

US treasury auctions off 27 billion year bonds

• high yield 1.422% vs. WI 1.413%
• bid to cover 2.27x vs. six-month average of 2.44x
• dealers 23.49% vs. six-month average of 23.2%
• directs 15.3% vs. six-month average of 14.2%
• Indirects 61.2% vs. six-month average of 62.6%

overall the tail of nearly 1 basis point and the light bid to cover suggests there was some light interest in the issue. Dealers were not saddled with a large amount. The bid to cover and high yield led to the distribution.