- High yield 3.420%
- WI level 3.447%
- Tail -2.7 basis points
- Bid to cover 2.65Xvs. six-month average of 2.64X
- Dealers 8% vs. six-month average of 12.4%
- Directs 14.1% vs. six-month average of 19.9%
- Indirects 78% vs. six-month average of 67.8%
Auction Grade: A
The 20 year auction came in with stellar results. The tail was -2.7 basis points which was lower than the -1 point to base point six-month average. The big buyers were the international investors as a took a 78% vs. the six-month average of 67.8%. Domestic demand as measured by direct bids came in at 14.1% which was lower than the 19.9% six--month average. Clearly international investors outbid domestic buyers.
The dealers were left with only 8% well below the 12.4% average.
