Auction Grade: A

Highlights once again center on the strong demand from international players. Domestic demand was lower than the six-month average. The tail of -0.8 basis points compares favorably to the average of +0.9 basis points. Bid

to cover was comfortably above the six-month average as well indicative of a strong demand.

The last auction in April came in at a high yield of 3.563% with a tale of 1.5 basis points and bid to the cover of 2.41X

No complaints for the 3 auctions this week with all of them having negative tails vs the WI level at the time of the auction. The bid to covers were strong for each. The demand was led by international traders in each auction.