WI at auction time was at 0.281%
- High yield 0.288%
- Bid to cover 2.32 xvs. six-month average of 2.49x
- Dealers 29.55%vs. six-month average of 27.2%
- Directs 12.3% vs. six-month average of 14.7%
- Indirects 58.1% vs. six-month average of 51.9%
- Tail 0.7 basis points
The $49 billion of 5 year note auction came in at 0.288%. That was 0.7 basis points above the WI auction level of 0.281%.
The bid to cover was lower than the six-month average. Dealers were saddled with more than the six-month average. Overall the auction is a C-. The good is that the auction level was the lowest on record. So things can't be all that bad.
