• High yield 0.99%
  • WI yield at 1.011%
  • Tail -1.2 basis points
  • bid to cover 2.81X vs six month average of 2.50X
  • directs 9.39% versus 19.7% six month average
  • indirect 66% versus six month average of 53.9%
  • Dealers 24.6% versus 26.4% six month average

Auction grade: A

  • strong demand from overseas buyers. They out bid domestic buyers who seemed to be nearly shut out.
  • The dealers took less than the six month average
  • The tail was negative -1.2 basis points. The average +0.2 basis points over the last six months

The higher yield was certainly an advantage. The last auction came in at 0.769%.