WI 2.057% at the auction time

  • High yield of 2.064% vs 2.057% WI. Tail of 0.7 bp
  • Bid to Cover 2.41x vs 2.25x 6 month average
  • Dealers 26.4%
  • Directs 60.8%
  • Indirects 12.9%

The high yield was higher than the WI level of 2.057% (tail of 0.7bp). However, the bid to cover was higher at 2.41x vs 2.25x average It seems there may have been some throw away bids.

Not a great auction with the tail.