- High-yield of 3.827%
- WI level at the time of the auction 3.835%
- Bid to cover 2.61X versus six-month average of 2.46X
- Tail -0.8 basis points versus six-month average of +0.9 basis points
- Directs (a measure of domestic demand) 17.3% versus six-month average of 18.8%
- Indirects (a measure of international demand) 72.3% versus six-month average of 66.6%
- Dealers (they take the rest) 10.4% versus six-month average of 14.5%
Auction Grade: A
Highlights once again center on the strong demand from international players. Domestic demand was lower than the six-month average. The tail of -0.8 basis points compares favorably to the average of +0.9 basis points. Bid to cover was comfortably above the six-month average as well indicative of a strong demand.
The last auction in April came in at a high yield of 3.563% with a tale of 1.5 basis points and bid to the cover of 2.41X
No complaints for the 3 auctions this week with all of them having negative tails vs the WI level at the time of the auction. The bid to covers were strong for each. The demand was led by international traders in each auction.