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.