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.