• High yield of 3.890%
  • WI 3.863%
  • Tail 2.7 basis points vs. six-month average of -0.4 basis points
  • bid to cover 2.33 vs. 2.57 X
  • dealers 21.4% vs. six-month average of 11.7%
  • directs 16.8% vs. six-month average of 19.6%
  • indirects 61.9% vs. six-month average of 68.7%

Auction Grade: F

There is nothing good about this auction. Dealers are stuck with a much greater supply than normal. All components showed lackluster demand including domestic and international.

The 7 year yield spiked up to 3.899%.