WI level at auction was 1.468%
- high yield 1.489% well above the 1.468% WI level. Tail of 2.1 bps
- Bid to cover 2.16x vs 2.44x 6 month average
- dealers take 33.8%
- Directs take 16.1%
- Indirects take 50.2%
This is a poor auction with a 2.1 basis point tail and bid to cover well below the 6 month average. Dealers were also forced to take a much greater percentage of the auction. The 6 month average was only 23%. They are settled with 33.8%.
Yields are moving higher at a result post the auction with the 5 year up from 1.404% to 1.4224%. The 10 year is up from 1.514% to 1.5299%.
