WI was trading at 0.829%
- High yield versus WI high yield at the time of the auction at 0.829%
- Tail +0.2 basis point
- Bid to cover 2.35X versus 2.35X six month average
- Dealers 19.77% versus 24.6% six month average
- Directs (measure of domestic demand) 17.54% versus 16.5% six month average
- Indirects (measure of international demand) 62.7% versus 58.9% six month average
Auction Grade: C+
Highlights:
- The yield was modestly higher than the WI level
- The bid to cover was equal to the six month average (meh)
- Directs and indirects had a stronger demand but at a slightly higher yield vs the WI level.