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.