WI at the auction deadline was at 2.476%
- Bid to cover, 2.55x vs 6 month average of 2.46x
- Primary dealers take 19.63%
- Directs 12.0% vs 9.1% last month
- Indirects 68.4% vs 69.4% last month
- Lowest yield since December 2017
A solid auction with the high yield lower than the WI at auction time by 1 bp. The Bid to cover was also above the 6 month average of 2.46x (was 2.55x).
This despite the yield being the lowest since December 2017.
