The WI at the , the auction was 2.075%

  • High yield 2.10%
  • WI yield at the time of the auction 2.075%
  • Tail +2.5 basis points
  • Bid to Cover 2.25x v 2.36x
  • Dealers 19.56% versus six month average of 19.9%
  • Direct 15.6% vs 19.4%six moonth averagge
  • Indirext 64.83% vs 60.7% six month average

Highlights:

  • A big tail was needed to attract interest
  • The international demand (indirects) was higher than average but only at a higher yield
  • Domestic demand (Directs) did not show up
  • The Bid to cover was less than the 6 month average

Auction grade: D-