- High-yield 4.166% (previous 4.093%)
- WI level at the time of the auction: 4.157%
- Tail: 0.9 basis points versus 6-month average of 0.5 basis points (previous -1.2 basis points)
- Bid to Cover: 2.51x vs 6-month average of 2.52x (previous 2.56x)
- Directs (domestic demand): 18.65% vs 6-month average of 18.3% (previous 16.1%)
- Indirects (international demand): 64.3% vs 6month average of 66.2% (previous 71.0%)
- Dealers 17.06% versus 6-month average of 15.5%
Auction Grade: D
I don't like it. The Dealers were saddled with more of the issue. There was a positive tail and the Bid to cover was light. The only thing good was domestic demand was larger than the average. That was the only saving grace.
