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.