Results from the 7 year note auction
- WI at auction time was 0.657%
- High yield 0.653%. Tail -0.4 bps
- Bid to cover 2.37x vs six-month average of 2.44x
- Dealers 19.48% . Six-month average 20.9%
- Directs 15.1%. Six-month average of 15.4%
- Indirects 65.4%. Six-month average at 63.7%
Overall a solid B is the grade.
- The high yield traded below the WI level indicative of strong demand
- Bid to cover was a little less than the 6 month average. A little below average
- The dealers took less than the 6 month average.