- High yield 4.876%
- Level at the time of the auction 4.871%
- Tail 0.5 basis point versus auction average of -0.3 basis points
- Bid to cover 2.39X versus auction average of 2.42X
- Directs 24.23% versus auction average of 24.0%
- Indirects 64.14% versus auction average of 66.0%
- Dealers 11.62% versus 6 auction average of 9.9%
AUCTION GRADE: D+
I was tempted to give a C- but tipped the grade to a D+. The only better than average component was the Direct bidders , but that was just barely higher. Foreign demand was less than average at 64.14%. The tail was higher at 0.5 basis points. The bid to cover was just less than average.
All three auctions this week were "meh".
