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.