- High-yield 3.563%
- WI level at the time of the auction 3.550%
- Tail 1.3 basis points vs six-month average of 0.9 basis points
- Bid to cover 2.41X versus six-month average of 2.46X
- Directs 21.08% versus six-month average of 19.1%
- Indirect 64.1% versus six-month average over 66.5%
- Dealers 14.8% versus six-month average of 14.4%
Auction grade: D+
Highlights: The one highlight is that the domestic demand was above the six-month average.
Other than that, the components were worse than the six-month averages. The tail was higher. The bid to cover was lower. The international demand was less than average.
Generally speaking it's not the most favored issue. The results back that up.