• High Yield: 4.716
  • WI level at the time of the auction:
    • Actual: 4.716%

  • Tail (the Tail is the difference between the WI level trading just prior to the auction and the auction high yield. A negative tail is indicative of a strong auction):

    • Actual: 0.0 basis points
    • Six-auction average: +0.65 basis points

  • Bid-to-Cover (the Bid to Cover is the number of bids from investors versus the supply of notes on sale. A higher number is indicative of stronger demand):

    • Actual: 2.48X
    • Six-auction average: 2.57X

  • Dealers (the Dealers provide Liquidity and are a backstop in the event of lower than anticipated domestic and international demand. A high % is indicative of low demand from the normal investors. :

    • Actual: 13.9% %
    • Six-auction average: 15.1%

  • Directs (the Directs are a measure of domestic US demand. A higher number than the six month average is indicative of strong domestic demand):

    • Actual: 21.0%
    • Six-auction average: 17.1%

  • Indirects (the Indirects are a measure of international demand. In higher number than the six month average is indicative of strong foreign demand for the issue. The vast majority of US debt is sold to foreign investors):

    • Actual: 65.1%
    • Six-auction average: 67.8%

AUCTION GRADE: C

No tail. The WI level and the high yield was right on the screws. The Bid to cover was a bit low. The domestic demand was stronger, but the international demand was a bit weak vs historical average.