- High-yield 4.019%
- WI level at the time of the auction 4.012%
- Tail 0.7 bps vs. 6-month auction average of -0.8bps.
- Bid-to-Cover 2.52X vs. 6-month auction average of 2.53x.
- Dealers 12.21% vs.6-month auction average of 12.2%.
- Directs (a measure of domestic demand) 19.7% vs 6-month auction average of 17.7%.
- Indirects (a measure of international demand) 68.1% vs. 6-month auction average of 70.1%.
Auction Grade: D+
The five-year auction was met with below average demand. There was a positive tail of 0.7 basis points. The bid to cover was near the average as was dealer ownership. Domestic demand was a little bit better than expectations but international demand was below the 6 month averages.
There was little in the details that was above average, and more that was below average.