- High yield of 3.741%
- WI level at the time of the auction 3.756%
- Bid to cover 2.43X times ersus 2.35X six-month average
- Tail -1.5 basis points versus six-month average of +0.2 basis points
- Directs 17.36% versus six-month average of 19.7%
- Indirects 72.43% versus six-month average of 68.5%
- Dealers 10.21% versus six-month average of 11.7%
The 30 year bond auction was met with strong demand from international investors. Domestic buyers were less than the six-month average. Nevertheless the strong international bid led to a tail of -1.5 basis points which is much less than the +0.2 basis point average over the last 6 months. The dealers were still saddled with less than six-month average.
Auction grade: A
For the week, the 3 and 30 year auction were both solid A's on the grading scale. The 10 year note auction was less well received, but still solid.
