- High yield: 4.671%
- WI level at the time of the auction: 4.661%
- Tail: 1.0 basis points vs. 6-month average of 0.8 basis points
- Bid to cover: 2.37X vs 6-month average of 2.38X
- Dealers:17.34% vs 6-month average 16.7%
- Directs: 18.28% vs 6-month average of 16.4%
- Indirects: 64.38% vs 6-month average of 66.9%
AUCTION GRADE: C
The auction was better than yesterday's but still middle of the road (vs 6-month averages).
The tail was +1.0 basis points which is right around the average of 0.8 basis points. The Bid-to-cover was near the average as well. Domestic demand was stronger than average, but international was weaker.
Not bad/not great either. Middle of the road.
