WI was trading at 1.334% at the auction time

  • High yield 1.342% versus 1.334% WI level
  • bid to cover 2.3 xversus six-month average of 2.40x
  • dealers 21.4% versus six-month average of 19.8%
  • directs 12.9% versus six-month average 16.5%
  • indirects 65.7% versus average of 63.8%

With a tail of 0.8 basis points, a bid to cover less than the six-month average, dealers being saddled with more than the six-month average of supply, the auction is the worst of the week. I give it a grade of C-.