WI just before auction traded at 2.89%

  • WI just prior was at 2.89%
  • High yield: 2.892%. Tail 0.2bps
  • Bid to cover: 2.20x vs six-month average of 2.22x
  • Dealers: 28.5% versus 6 month average of 27.8
  • Directs:11.0% versus 14.4% last auction
  • Indirects:60.5% versus 60.5% last auction

Better than yesterday but middle of the road auction.

  • Bid to cover just below the 6 month average
  • As 0.2BP tail
  • Dealers took a little more than the 6 month average.