- High-yield 3.977%
- WI level at the time of the auction 3.975%
- Tail +0.2 basis points versus six-month average of -0.6 basis points
- Bid to cover 2.54X versus six-month average of 2.6X
- Directs (a measure of domestic demand) 17.97% versus six-month average of 17.5%
- Indirects (a measure of international demand) 75.3% versus six-month average of 71.7%
- Dealers (they take the balance) 6.73% versus six-month average of 10.9%
Auction grade: B-/C+
The demand was good especially from international buyers. That led to the dealers taking a low percentage. The bid to cover was late compared to the six month average. The tail of +0.2 basis points was higher than the -0.6 basis points seen over the last six months.
It was a little above average but not great