Yesterday the two year auction was met with very tepid demand. Both domestic and international investors shun the issue resulting in a tail of 1.4 basis points higher than average bid to cover, and the dealer's saddled with a greater position than the recent results.
What are the 6 month averages for the major auction components:
- Bid to cover 2.44X
- Dealers 19.0%
- Indirects, 63.0%
- Directs, 19.0%
- Tail, 0.4 basis points
