WI level was at 1.218% at the auction time

  • High yield 1.213%. The last auction was at 1.185% last month
  • WI level at auction time 1.218%.
  • Bid to cover 2.39x vs. 4-month average of 2.46x.
  • Dealers 24% vs. a 4 month average of 23.5%.
  • Directs 15.3% vs. 4 month average of 13.5%.
  • Indirects 60.7% vs. 4 month average is 63.0%.

The yield came in lower than the WI by 0.5 basis points. Good demand.

The bid to cover was slightly lower than the 4 month average. Average demand

Dealers were saddled with about the 4 month average at 24%

Overall a C+ grade for the auction.