- High-yield 3.695%
- WI level 3.723%
- Tail -2.8 basis points versus six-month average of -0.1%
- Bid to cover 2.93X versus six-month average of 2.60X
- Directs 13.66% versus six-month average of 18.9%
- Indirects 73.35% versus six-month average of 62.7%
- Dealers 12.99% versus six-month average of 18.4%
Highlights:
The 3 year note auction was met with very strong international demand. Domestic demand was actually less than the six-month average. The combination left the dealers with much less than the average over the last 6 months which is good.
Overallauction grade: A