WI issue at 2.358% at the time of the auction
- High yield 2.341%.
- Tail -1.7 basis points. Six-month average of +0.6 basis points
- Bid to cover 2.54x. Six-month average of 2.25x
- Dealers 19.1% versus six-month average of 24.1%
- Indirects 63% versus six-month average of 58.7%
- Directs 17.9% versus six-month average of 17.1%
I give the auction a grade of A.
- The tail was through the WI level by -1.7 basis points
- The Bid to cover was much higher at 2.54x vs 2.25x average
- The dealers took a much lower percentage at 19.1% (indicative of strong demand outside of the dealers).
Yesterday's 10 year note issue was less than stellar (I gave it a grade of D+). Today, investors were happy to extend to a longer duration issue.
