- High-yield 3.791%
- Tail 1.5 basis points versus segment average of 0.9 basis points
- WI level at the time of the auction 3.776%
- Bid to cover 2.36Xversus assessment average of 2.44X
- Directs 19.9% versus a 6 month average of 18.5%
- Indirects 62.3% versus 6-month average of 66.4%
- Dealers 17.8% versus 6-month average of 15.0%
Auction grade D+
Summary:
The only good from the auction was that the domestic demand was higher than the average, but for the 2nd auction today, the international demand was light (and lower than the 6 month average). The tail was reflective of the weak demand at 1.5 basis points (versus 0.9% 6-month average).