High Yield:3.440%
Previous: 3.81%
WI Level at the time of the auction: 3.457%
Tail: -1.7 bs
Previous: -0.2bps
- Six-auction average: 0.1bps
Bid-to-Cover: 2.66X
Previous: 2.55x
Six-auction average: 2.56x
Dealers:10.45%
Previous: 15.4%
Six-auction average: 16.4%
Directs (a measure of domestic demand):11.3%
Previous: 20.3%
Six-auction average: 18.8%
Indirects (a measure of international demand):78.24%
Previous: 64.4%
Six-auction average: 64.7%
AUCTION GRADE: A
Details: The International buyers showed up and crowded out the other bidders. The international buyers took 78.24%. That was well above the 64.7% six-month average. As result, domestic buyers only to 11.3% well below the six-month average of 18.8%.
The international demand was evident from the -1.7 basis point tail. The tail is the difference between the WI level at the time of the auction and the high yield. That compares very favorably to the +0.1 basis point tail seen over the last six months.
The bid to cover was stronger as well at 2.66X vs 2.56X average.
