High-yield 4.651%WI level at the time of the auction 4.651%Tail 0.0 basis points versus 6 month average of 0.0 basis pointsBid to cover 2.38X versus 6 month average of 2.37XDirects 28.0% versus 6 month average of 24.9%Indirects 62.0% versus 6 month average of 60.9%Dealers 10% versus 6 month average of 14.9%
Auction grade: C+
There was no tail. The bid to cover came in at the six-month average. What was better is that the dealers were saddled with less than 6 month average of 10% versus 14.9%. Both the directs and indirects support was higher than the six-month average suggesting a balanced – but better than normal – distribution to both.
This article was written by Greg Michalowski at investinglive.com.