WI was trading at 1.267% at the time of the auction
- High yield 1.264%. The WI was trading at 1.267% at the time of the auction
- Bid to cover 2.36X. The six month average is 2.27X
- Dealers 18.69%. The six month average is 24.8%
- Directs 21.34%. The six month average is 19.1%
- Indirects 59.97% . The six month average is 56.1%.
Grade: B+/A-
- A modest tail of -0.3 bps
- bid to cover higher than the six month average
- Dealers are saddled with substantially less than the six month average
- Domestic direct bidders were higher-than-expected as were the international in direct bidders.
Overall good demand.