- High-yield 3.969%
- WI level at the time of the auction 3.966%
- Tail 0.3 basis points versus a 6 month average of 0.0 basis points
- Bid to cover 2.68X vs 6 month average of 2.66X
- Directs 19.87% versus 6 month average of 22.0%
- Indirects 61.2% versus a 6 month average of 58.3%
- Dealers 18.93% versus a 6 month average of 19.7%
Auction Grade: C
A small tail with the bid to cover around the 6 month average. Direct bidders (domestic buyers) were light but international bidders (indirects) made up for the shortfall from US buyers.
Nothing to right home about, but with yields down sharply today, they were still able to place the auction without much trouble.