• High-yield 3.686%
  • WI level at the time of the auction 3.654%
  • Tail 3.2 basis points versus six-month average of -0.4 basis points.
  • Bid to cover 2.25X versus six-month average of 2.37X
  • Directs (a measure of domestic demand) 18.94% vs six-month average of 19.0%
  • Indirects (a measure of international demand) 65.21% vs six-month average of 69.7%
  • Dealers 15.84% vs six-month average of 11.3%

Not a good auction. The Directs and Indirects were less than the average, as was the Bid to cover. The tail of 3.2 basis points is another negative.

If I can give an A to the 10 year auction, I can give an F as the grade for the 30 year auction. There was nothing good about it across the board.