• High-yield 4.823%
  • WI level at the time of the auction 4.82%
  • Tail 0.3 basis points versus six-month average of 0.1 basis point tail
  • Bid to cover 2.78X versus six-month average of 2.74X
  • Dealers 13.8% versus six-month average of 17.1%
  • Directs 20.8% versus six-month average of 19.9%
  • Indirects 65.5% versus six-month average of 63.0%

This is a tad soft but hasn't given any kind of lift to USD/JPY.