WI is at 1.172% at auction time

  • WI was at 1.172% at auction time
  • High yield 1.188%. Tail of 1.6 basis points
  • Bid to cover 2.45x vs six-month average of 2.59x
  • Dealers take 44.5% vs 29.4 six-month average
  • Indirects 46.2% versus 49.1%
  • Directs take 9.3% versus 20.7 six-month average

Bad auction at low yields.

  • The bid to cover was lower than the six-month average
  • The Dealer took a whopping 44.5% of the supply.
  • There was a high 1.6 tail above the pre-auction WI yield of 1.172%.

UGLY.