- High yield 4.403%
- WI level at the time of the auction: 4.418%
- Bid to cover: 2.49X vs 6-month average of 2.41X
- Tail: -1.5% bps vs 6-month average of -0.7 basis point
- DIrects (a measure of domestic demand): 17.8% vs 6-month average of 19.8%
- Indirects (a measure of international demand): 68.5% vs 6-month average of 64.9%
- Dealers (they take the balance): 13.7.x% vs 6-month average of 15.4%
Auction Grade:A-
Once again the international demand was strong for the 30-year bond auction. The indirect bidders took 68.5% of the auction well above the 64.9% average. The bid to cover was higher then the average, and the auction tail of -1.5 basis points was also an indication of solid demand. The only disappointment was the domestic buyers were lighter than average as international buyers outbid them.
