WI yield at the time of auction 1.878%
- Tail +1.2 basis point. The six month average was 0.0 basis points
- High yield 1.890% versus WI of 1.878%
- Bid to cover 2.33x versus six month average of 2.33x.
- Directs 18.94% versus 17.9% six month average
- Indirects 60.16% versus six month average of 58.9%
- Dealers 20.91% versus 23.1% six month average of 23.1%
I would give the auction a grade of a C+/B-
- The high yield was 1.2 basis points above the WI yield at the time of the auction
- The bid the cover was equal to the six month average
- The dealers took less than the six month average helped by decent demand from foreign indirect buyers (albeit at at a higher yield than the WI level). There was also greater than average domestic demand
