WI traded at 1.653% at the auction time

  • high-yield 1.67%. That is a 1.7 basis point tail versus the WI at the auction time
  • dealers take 30.72% which is above the recent 29% average
  • bid to cover 2.2x vs 2.41x last
  • Directs 13.6% versus 12.9% last
  • Indirects 55.7% versus 60.8% last

Not a good auction at the low yields today.