- High-yield
- WI level at the time of the auction 4.166%
- Bid the cover 2.64X vs six-month average of 2.54X.
- Tail -0.4 basis points vs six-month average of 0.0 basis points
- Dealers 8.87% vs six-month average of 14.2%
- Directs (domestic buyers) 16.76% vs six-month average of 17.5%
- Indirects (international buyers) 74.38% vs six-month average of 68.3%
AUCTION GRADE: A
Strong demand by international buyers at 74.38%. That left the dealers with a small 8.87% of the balance. Domestic buyers were a little lesson average but not by much. The cover was higher than the average, and the tail was negative vs the WI level at the time of the auction.
Quite a strong auction as international investors seem to want to get involved in US debt ahead of potential rate cuts through year end.