WI was trading at 0.326% at the auction time

  • High yield 0.325%. Wi was at 0.326%
  • Bid to cover 2.47x vs 2.44x six month average
  • Dealers 27.55% vs 33.1% vs six month average
  • Indirects 54.2% versus six month average of 50.4%
  • Directs 18.3% versus six month average of 18.1%

Overall a good/solid auction (grade of B) with no problems despite lower yields overall today.

  • The yield came in just under the WI level.
  • The bid the cover was marginally higher than the six month average.
  • There was good demand overseas with 54.2% versus 50.4% average.
  • As a result the dealers were saddled with less than the six month average.

All are good/solid numbers