High-yield 3.920% WI level at the time of the auction 3.925%Tail -0.5 basis points versus six month average of versus six month average of -0.3 basis pointsBid to cover 2.62X versus six month average of 2.59XDirects (domestic buyers) 34.4% versus six month average of 20.8%Indirects (international buyers) 55.33% versus six month average of 67.7%Dealers 10.3% versus six month average of 11.4%
Auction Grade: C+
The tail was a little lower than average which is better.The Bid to cover was just above the average. The Domestic buying was strong while the international buying was weak. Dealers were saddled with less thanks to the domestic buyers.
Better than average but plain vanilla and mixed.
This article was written by Greg Michalowski at investinglive.com.