- High yield 4.830%
- WI level at the time of the auction 4.820%
- Tail 1.0bps vs six with average +1.2 basis points
- Bid to cover 2.43X vs six month average of 2.54X
- Directs (a measure of domestic demand) 19.5% vs six-month averages of 16.9%
- Indirects (a measure of international demand) 63.0% vs 6 month average of 67.5%
- Dealers 17.5% vs 6 month averagge of 15.6%
Auction Grade: C-
The tail was positive but it was less than the 6-month average. The Bid to cover was lower than average.
Domestic demand was stronger than average and international demand was weaker.
The dealers were saddles with more than average
