- High-yield 4.635%
- WI level at the time of the auction 4.641%
- Tail versus -0.6 basis points versus six-month average of 0.3 basis points
- Bid to cover 2.73X times versus six-month average of 2.56X
- Dealers 16.84% versus 21.1% six-month average
- Directs 20.67% versus six-month average of 18.9%
- indirects 62.49% versus six-month average of 60.1%
The auction grade comes in at A-
Highlights:
there was a -0.6 basis point tail versus the WI level at the time of the auction. The bid the cover was comfortably above the six month average. Directs and in directs both were higher than the six month average leaving the dealers with less than normal.
Compared to last month's auction where the tail was a full 4.0 basis points, the results today showed strong demand at current levels across the board.
Of course the yield of this month was well above the yield from last month a 4.073% which is an incentive for investors