WI yield at the time of auction was at

  • High yield 1.155 % vs the WI level of 1.151%
  • Tail of 0.4 basis points
  • Bid to cover 2.34X versus 2.26X six month average
  • Directs, 18.86 % versus 20.3% six month average
  • Indirects, 61.07% versus 55.1% six month average
  • Dealers, 20.08% versus 24.6% six month average

The auction had strong international demand, but somewhat weak domestic demand. The demand note was at a higher level compared to the WI yield at the time of the auction.

AUCTION GRADE: D+/C-