 US auctions off 12B of 20 year bonds at high yield of 3.935WI level was 3.948Tail -1.3 bps vs 6 month avg of -0.3 bpsBid to cover 2.68X vs 6 month average of 2.56XDirects 19.0 vs 6 month average of 17.4Indirects 72.3 vs 6 month average of 71.1Dealers 8.7 vs 6 month average of 11.5Auction grade: ANothing wrong with the demand for that auction. A negative tail vs the WI at the time of the auction. Bid to... 