- High-yield 3.839%
- Tail -1.1 basis points versus six-auction average of 0.3bps.
- Bid-to-Cover 2.65 X versus six-auction average of 2.51x.
- Dealers 8.14% versus six-auction average of 12.7%.
- Directs 16.55% versus six-auction average of 18.9%.
- Indirects 75.31% versus six-auction average of 68.4%.
Auction grade: A
If there is a negative it is only the domestic demand was less than the average over the last 6 months. However, they were strongly outbid by the international demand. Dealers were left with much less than the 6 month average.
The Tail was negative vs an average which has been positive. The bid to cover was strong as well.
No complaints from this auction.