WI at the time of the auction was 1.291%
- High yield 1.285%. Last auction came in at 1.306%
- WI was at 1.291%. Tail of -0.6 basis points
- Bid to cover 2.41x. Six month average 2.26x
- Dealers 19.73%. Six month average 24.8%
- Indirects 59.6%. Six month average 57.0%.
- Directs 20.7%. Six month average 18.2%.
For the 2nd consecutive day, the auction went off without a hitch.
- The tail was -0.6 bps
- Bid to cover was above the six month average
- Dealers were saddled with less than the six month average
- Indirects (foreign demand) was higher than normal
- Directs, a measure of domestic demand, was also higher.
Grade: B+. There was a yield concession vs the yields at this time yesterday which made floating the issue easier than the A- grade from similar results seen at the auction yesterday. Nevertheless, a solid showing.