- High yield 3.29%
- WI level at the time of the auction 3.292%
- Tail -0.2 basis points vs six-month average -0.4
- Bid to cover 2.5X vs. six-month average of 2.56X
- Directs 16.43% vs. six-month average of 19.9%
- Indirects 70.57% vs six-month average of 65.7%
- Dealers 13% vs six-month average of 14.3%
Auction grade: B-
The international market were strong buyers once again. However, domestic buyers were less than expectations.
There was a -0.2 basis point tail which was a little lower than the six-month average of -0.4 basis points but still on the good side of demand.
The bid to cover was a little less as well.
The auction is above average but not "A" material.