- High-yield 4.121%
- WI level at the time of the auction 4.110%
- Tail 1.1 basis point versus a six month average of 0.5%
- Bid to cover 2.40X versus six month average of 2.36X
- Dealers 13.97% vs six month average of 16.3%
- Directs (domestic investors) 18.78% vs six month average of 17.9%
- Indirects (international investors) 67.25% versus the six month average of 65.8%
Overall grade: B
- The good: Dealers take less than the average because both domestic and international buying was modestly above average levels.
- The average: Bid to cover was near the 6-month average
- The not so good: The tail of 1.1 basis points above the WI level at the time of the auction was higher and above the 6 month average.
