• High Yield comes in at 1.518%
  • WI at time of auction 1.514%
  • Tail 0.4 BPs
  • Bid to cover 2.43X versus six month average of 2.52X
  • Dealers 13.4% versus six month average of 13.8%
  • Directs 17.8% versus six month average of 16.3%
  • Indirects 68.8% vs six month average of 69.8%

Auction Grade: C-

Another average two below average auction (despite the run up in yields).

  • There was a tail
  • The Bid to cover was less than the average
  • Domestic demand was better than normal, but international demand was a touch less than normal
  • Dealers were saddled with about average

Ho hum. Not much to write home about.