- High yield 3.93%
- WI level of 3.914%
- Tail 1.6 basis points vs six-month average of 1.6 basis points
- bid to cover 2.34X vs 2.47X average
- Directs (a measure of domestic demand) 23.51% vs. six-month average of 17.3%
- Indirects (a measure of international demand) 56.79% vs. six-month average of 66.1%
- Dealers (they take the rest) 19.7% vs six-month average of 16.3%
Auction grade: C- (CNBC's Santelli gave it a D+)
Highlights and lowlights:
- Tail of 1.6 basis points is consistent with the six-month average
- Did to cover was weaker than the six-month average
- Domestic demand (direct bidders) was strong
- International demand (indirects) was weak
- Dealers were saddled with more as international demand was weaker than the strong domestic demand
US stocks are marginally lower but still are up on the day:
- Dow Jones up 100 points (vs. 123 points just before the auction results)
- S&P index is up 6.72 points (vs. +9.61 point before the auction)
- NASDAQ index is up 23 points (vs. +30.36 points for the auction)
The 10 year yield is trading at 3.931%, not much different than the auction result.