• High-yield 4.30%
  • WI level 4.315%
  • tail -1.5 basis points versus a 6-month average of -0.1 basis points
  • Bid to cover 2.9X versus 6 month average of 2.67X
  • Directs (a measure of domestic demand) 15.6% vs 6 month average of 21.1%
  • Indirects (a measure of international demand) 68.2% vs 6-month average of 60.0%. Best since June 2009
  • Dealers 16.2% vs 6-month average of 18.8%

Auction Grade: B+

The auction was saved by the international demand which was well above the 6-month average. The domestic demand was not great at 15.6% (vs 21.1%).

The bid cover

was strong at 2.90 times. The tail was also indicative of aggressive demand from international buyers. The grade would've been higher if domestic demand was higher but it was pretty disappointing.

The last auction sold at a high yield

of 3.969% with a tale of +0.3 basis points and a bid to cover near the 6-month average of 2.68X