High Yield: 3.648%
Previous: 3.96%
Six-auction average: 4.314%
WI level at the time of the Auction: 3.662%
Tail: -1.4 basis points
Previous: 3.1bps
Six-auction average: 0.8bps
Bid-to-Cover: 2.64X
Previous: 2.32x
Six-auction average: 2.48x
Dealers: 10.25%
Previous: 17.9%
Six-auction average: 16.3%
Directs: 13.7%
Previous: 16.0%
Six-auction average: 17.0%
Indirects: 76.1%
Previous: 66.2%
Six-auction average: 66.7%
AUCTION GRADE: A-
For the second auction in a road the international demand was stellar at 76.1% versus a six month average of 66.7%. They crowded out the domestic buyers who could only get 13.7% which was below their average of 17.0%. Dealers demand was also light at 10.25% versus 16.3% average.
The tail was -1.4 basis points which was well below the +0.8 basis point average over the last six auctions. The bid to cover was also higher at 2.64X vs 2.48X
