WI at 1.891% at the auction time

  • High yield rate 1.889%. Last option 2.144%
  • Bid to cover 2.44x versus six-month average of 2.49x
  • directs accepted 24.2% versus six-month average of 19.8%
  • Indirects accepted 55.5% versus six-month average of 60.7
  • Dealers 20.25% versus 19.5% six-month average

I would give the auction a C grade.

  • Bid to cover was just below average
  • Tail was 0.2 bps below the WI level
  • Dealers take a little more than average.