• High Yield: 4.420%
    • Previous: 4.899%
    • Six-auction average: 4.316%
  • Tail:-0.5 bps
    • Previous: 1.9 basis points
    • Six-auction average: 0.1 basis points
  • Bid-to-Cover Ratio:2.46X
    • Previous: 2.36x
    • Six-auction average: 2.52x
  • Dealers: 16.9%
    • Previous: 19.4%
    • Six-auction average: 13.3%
  • Directs:17.6%
    • Previous: 19.1%
    • Six-auction average: 19.1%
  • Indirects:65.5%
    • Previous: 61.5%
    • Six-auction average: 67.6%

Auction Grade: C+

Highlights: Unlike the 2 year note auction from earlier, there was a negative tail. The Bid to cover was ok, but short of the 6-month average. The international and domestic demand was less than the 6-month averages. That led to more supply heading to the dealers.