- High-yield 3.448%
- WI level at the time of the auction 3.439%
- Tail 0.9 bps vs six-month average of +1.4 basis points
- Bid to cover 2.45X versus six-month average of 2.41X
- Dealers 13.04% versus six-month average of 16.9%
- Directs (domestic demand) 19.46% versus six-month average of 18.3%
- Indirects (international demand) 67.5% versus six-month average of 64.8%
Highlights:
The tail was less than the six-month average although still positive. They bid the cover was slightly better. Both direct and indirect's were higher than the six-month average.
Good demand across the board. Dealers saddled with less of the auction to distribute
Auction Grade: B+