- High-yield 4.344%
- WI level at the time of auction 4.347%
- Tail -0.3 basis points versus 6-month average of 2.1 basis points
- Bid to cover 2.43X vs 6-month average of 2.40X
- Dealers 14.23% vs 6-month average of 15.2%
- Directs 17.3% vs 6-month average of 18.3%
- Indirects 68.47% vs. 6-month average of 66.6%
Auction grade: A-
The 30-year auction was great especially relative to last month's auction which saw a 5.3 basis point tail.
This auction had a tail of -0.3 basis points which was still much better than the 2.1 basis point average. The bid to cover was higher than the 6-month average. Dealers which was saddled with nearly 25% of the auction last month, only received 14.23% this month - below the 6-month average. Domestic buyers was a little light compared to the average, but international demand was stronger than the average.
Overall it is a solid A- and certainly much better than last month even though rates were 32-33 basis points higher (at 4.769%)
