WI was trading at 2.328% at the auction time

Good demand for the 30 year auction (29 year 11 month).

  • High yield 2.307% vs 2.328% WI at the auction time. That is 2.1 basis points below the WI level
  • Bid to cover 2.46x vs six-month average of 2.23x
  • Directs 21.1% versus six-month average of 16.1%
  • Indirects 63.4% versus six-month average of 58.3%
  • Dealers only took 15.5% versus six-month average of 25.6%

That's a great auction with a -2.1 bps tail (six-month average of +0.9%). The bid to cover was comfortably above the six-month average and the dealers were only saddled with 15.5% versus six-month average of 25.6%. Good....well great auction.