- high yield 3.307%
- Tail 1.4 bps vs 6 month average of -0.3 bps
- Bid to cover 2.49X vs 6 month avg of 2.59X
- Dealers 23% vs 6-month average of 17.4%
- Directs 17.3 vs 6-month average of 22.2%
- Indirects 59.7% vs 6-month average of 60.4%
Auction Grade: F (Rick Santelli gave it a D-)
There is nothing good about the auction of 2 year notes today. Demand from domestic and international buyers was well below the 6 month averages. The Dealers are saddled with much more than average
