High Yield: 3.648%

    Previous: 3.96%

    Six-auction average: 4.314%

WI level at the time of the Auction: 3.662%

Tail: -1.4 basis points

    Previous: 3.1bps

    Six-auction average: 0.8bps

Bid-to-Cover: 2.64X

    Previous: 2.32x

    Six-auction average: 2.48x

Dealers: 10.25%

    Previous: 17.9%

    Six-auction average: 16.3%

Directs: 13.7%

    Previous: 16.0%

    Six-auction average: 17.0%

Indirects: 76.1%

    Previous: 66.2%

    Six-auction average: 66.7%

    AUCTION GRADE: A-

    For the second auction in a road the international demand was stellar at 76.1% versus a six month average of 66.7%. They crowded out the domestic buyers who could only get 13.7% which was below their average of 17.0%. Dealers demand was also light at 10.25% versus 16.3% average.

    The tail was -1.4 basis points which was well below the +0.8 basis point average over the last six auctions. The bid to cover was also higher at 2.64X vs 2.48X