WI 1.897%. Tail of 2.3 basis points
- High yield 1.92% vs. WI 1.897%
- Bid to cover 2.15xv vs six-month average of 2.34x
- Dealers 29.1% vs. 24.5% six-month average
- Direct's 16% vs. six-month average of 14.9%
- Indirects 54.9% vs. six-month average of 60.6%
Not a good auction with a large 2.3 basis points tail. The dealers also took a higher percentage than the six-month average suggesting low investor demand.
Yields have been moving higher but are off the highs from earlier today. The low investor demand could be an issue thing. It could also be that investors are not all that excited about the yields despite the fact that they are near cycle highs (and high yields going back over a year in the longer end).
