• High yield 3.202%
  • Tail -0.3 BPS vs avg of 0.1 bp
  • Bid to cover 2.5x vs six-month average of 2.47X
  • Directs 17.28% vs six-month 18.05%
  • Indirects 63.08% vs six-month average of 60.4%
  • Dealers 19.64% vs. six-month average of 23.47%

Auction Grade: B+

Highlights:

Above average components:

  • negative tail
  • bid to cover higher than average
  • international demand from indirect bidders higher than taverage
  • dealers were saddled with much less than what is average

Below average component:

  • domestic demand is lower than the average