• High-yield 4.67%
  • WI level at the time of the auction 4.678%
  • Bid-to-Cover 2.86X versus 6 month average of 2.71x
  • Tail -0.8 bps versus a 6 month average of -0.2bps
  • Directs (a measure of domestic demand) 18.2% versus 6 month average of 20.0%
  • Indirect (a measure of domestic demand) 68.5% versus 6 month average of 61.9%
  • Dealers:( dealers take the rest) 13.3% versus a 6 month average of 18.1%)

Strong international demand.