- High-yield 4.506%
- WI level at the time of the auction 4.518%
- Tail -1.2 basis points versus 6 month average of -0.2 basis points.
- Bid to cover 2.73X versus 6 month average of 2.64X
- Directs 26.3% versus 6 month average of 20.4%
- Indirects 63.6% versus 6 month average of 66.5%
- Dealers 10% vs 6 month average of 13.1%.
Auction Grade: A
An off the run issue, yet the demand was strong. The tail -1.2 basis points was better than the -0.2 basis point average. THe Bid to cover was above the six-month average. The buyers were domestic buyers.IInternational buyers were a bit later than the six-month average, but the dealers were still saddled with only 10% which was well below the 13.1% average..
This article was written by Greg Michalowski at investinglive.com.