WI level at the time of the auction was 2.051%
- High yield 2.065%
- WI level at the time of the auction 2.051%
- Tail +1.4 basis points
- Bid to cover 2.34 xversus six month average of 2.34X
- Directs 19.4% vs six month average of 18.7%
- Indirects 60.2% vs six month average of 61.7%
- Dealers 20.4% vs six month average of 19.6%
Auction grade: D+
Highlights.
- The only bright spots was the bid to cover was average over the last six months and the Directs were higher than the average as well.
- The international demand was less than average.
- The dealers were saddled with more than average
- The auction required a 1.4 basic point concession to float the issue (vs the WI yield at the time of the auction).
Overall, that puts the grade at less than a C (average). Is it C- or D+? You can go either way.