- High yield 2.997%
- WI level at the time of the auction 3.006%
- Tail -0.9 basis points vs. six-month average of 1.4 basis points
- Bid to cover 2.38X vs. six-month average of 2.31X
- Directs (a measure of domestic demand) 16.6% vs six-month average of 17.4%
- Indirects (the measure of international demand) 69.66% vs six-month average of 64.9%
- Dealers 13.7% vs six-month average of 17.7%
Auction Grade: A
Highlights: The 30 year auction was met with high demand as indicated by a higher-than-expected bid to cover, a -0.9 basis point tail (vs six-month average of 1.4 basis points). The demand was from international investors as a more nearly 70% of the auction. Domestic demand was below the six-month average. The dealers were saddled with less than what is normal.
A good ending to the refunding calendar this week.