High Yield: 3.972%WI level at the time of the auction: 3.968%Tail: 0.4 bps vs. 6- month avg. 0.5bps. The difference between the high yield and the when-issued yield (pre-auction market rate. A negative tail is indication of strong bidding. A positive tail implies less demandBid-to-Cover: 2.52X vs 6-month avg. 2.62x. Total bids received divided by the amount of debt offered. A higher number is an indication of strong demandDealer Take: 15.19% vs 6-month avg. 15.1%.Primary dealers (big banks) who are obligated to bid at Treasury auctions. If the banks take more than the average, it indicates less investor demand. Directs: 18.03% vs 6 month average of 18.7%. A higher number is indicative of strong domestic demand, while a lower number is weaker demand. . Indirects: 66.78% vs 6-month avg. 66.2%.Often seen as foreign central banks and international institutions.A higher number is indicative of strong domestic demand, while a lower number is weaker demand.AUCTION GRADE: More ahead:10-year reopening tomorrow30-year reopening Thursday This article was written by Greg Michalowski at www.forexlive.com.