WI level 1.697%
- High yield 1.684% versus 1.697% WI. Tail -1.3 basis points
- Bid to cover 2.45X vs six month average of 2.37X
- Dealers 19.49% versus six month average at 24.2%
- Directs 17.1% versus 16.4% six month average
- Indirects 63.4% versus 59.4% six month average
Overall a very good auction.
- The yield was less than the WI level by -1.3 basis points.
- The bid the cover was higher than the six month average at 2.45X vs 2.37X.
- Foreign demand was higher than the six month average at 63.4% versus 59.4%.
- Dealers were saddled with less than the six month average. That is the lowest since the spring of 2017.
Grade: A. There was nothing wrong with the auction even though there is more anxiety from the CPI data today.
The results have led to a move higher in stocks.
- S&P at the time of auction was at 4087.26. It is currently at 4093.70 down 58 points or -1.4%
- Nasdaq at the time of auction was at 13108.43. The current price is at 13145
- Dow was at 33822.44. It is currently trading at 33872.32 down -397 points or -1.17%