WI level was at 2.276%
- WI yield level at time of auction was 2.276%
- High yield 2.286%. 1 BP tail vs the WI yield of 2.276%
- Bid to cover 2.24x vs six month average of 2.34x
- Dealers 23.75% vs the 6 month average of 24.5%
- Indirects 56.7% vs 6 month of 58.7%
- Directs 19.5% vs 6 month of 16.8%
Auction grade: C+
Not the best of auctions with the main numbers worse than the 6 month average along with a 1 basis point tail vs the WI level.
- Bid to cover < 6 month avg
- Indirects – a measure of foreign demand – was less than the 6 month average
The good news is the Directs were > than average and left the dealers with owning less than the average.
Initially I gave a D+ grade but has upped it C+ after reevaluation.