- High Yield: 4.296%
- WI level at the time of auction 4.282%
- Tail: 1.4 basis points, Six-auction average 0.9 basis points
- Bid-to-Cover: 2.53X, Six-auction average 2.49x
- Dealers: 17.3%, Six-auction average 14.6%
- Directs (a measure of domestic buyers): 18.87%, Six-auction average 19.0%
- Indirects (a measure of international buyers): 63.83 percent, Six-auction average 66.4%
Auction grade: D+
There was a greater than average number of bids, and the domestic buyers were about average. However, the international buyers were less than the six month average. There was a positive tail of 1.4 basis points higher than the six month average of 0.9 basis points, and the dealers were saddled with more of the auction then average.
It is a Fed meeting week. So perhaps there is some apprehension to "getting involved". Nevertheless, the 3-year note auction was not so great, and the 10-year follows in those sluggish footsteps.