- High-yield 3.877%
- WI level at the time of the auction 3.871%
- Bid to cover 2.35X vs 2.36X six month average
- Tail 0.6 bps vs +0.1 basis points six month average
- Directs (a measure of domestic demand) 19.84% vs 19.1% six month average
- Indirect (a measure of international demand) 70.72% vs 68.9% six month average
- Dealers (they take the rest) 9.45% vs. 12.2% six month average
Although the tale was 0.6 basis points, the other metrics of the auction average to above average. They bid the cover was close to the average. Domestic demand was higher than the average. The international demand was also higher than the normal. That left a below average balance for the dealers.
I was given auction grade of C+