- High yield 1.000%
- WI level at the time of the auction 1.003%
- Tail -0.3 basis points
- Bid to cover 2.43Xversus six month average of 2.43X
- directs 18.0% versus six month average of 18.5%
- Indirects 52.2% versus six month average of 53.6%
- Dealers 29.8% vs six month average of 28.0%
Auction grade: C
The variance from the 6 month component averages was marginal. The auction yield did come in at 0.3 basis points lower than the WI level at the time of the auction. The bid to cover was spot on the 6 month average. The directs and indirects were slightly less than the 6 month average which led to the dealers taking a bit more than the average.
