WI was trading at 0.710% that the time of the auction

  • WI level 0.710%
  • High yield 0.71%. Tail 0.0 basis points
  • Bid to cover 2.36x. Six month average 2.35X
  • Dealers 24.18%. Six month average 24.8%
  • Directs 17.75%. Six month average 15.9%
  • Indirects 58.07%. Six month average 59.3%

Grade: C+

Highlights:

  • The high yield came in at the WI level.
  • The bid the cover was nearly equal to the six month average
  • Dealers participation was slightly less than the six month average
  • Domestic demand from the direct bidders was a little bit higher than the average
  • International demand from in direct bidders was slightly lower

The auction was not stellar. It wasn't bad. Perhaps it is a bias to the upside, but I give the auction a C+. A harder grader might give it a plain ole C.