• High yield 2.815%
  • WI level 2.806%
  • Tail 0.9bps versus six month average of 1.0 basis points
  • Bid to cover 2.30X vs six month average of 2.31X
  • Directs 18.9% versus six month average of 17.1%
  • Indirect 65.2% versus six month average of 65.8%
  • Dealers 15.9% versus six month average of 17.1%

Auction grade: B-

Highlights:

  • much better than the 10 year auction yesterday
  • Bid to cover was on par with the average
  • Tail was on par with the average
  • Domestic demand was higher
  • International demand was a little lower
  • Dealers took modestly less.