High-yield 4.734%WI level at the time of the auction 4.73%Tail 0.4 basis points versus 6 month average -0.2 basis points.Bid to cover 2.38X versus 6 month average 2.37XDirects 26.9% versus 6 month average 25.8%Indirects 65.5% versus 6 month average 61.2%Dealers 8.7% versus 6 month average of 13.0%
Auction grade: B
There was a positive tail of 0.4 basis point, which is higher than the six-month average. The bid to cover was near the average, but overall the demand was strong, with both domestic and international demand higher than the average. That left a small amount for the dealers to distribute (only 8.7%. Overall, I give the auction a grade of B.
This article was written by Greg Michalowski at investinglive.com.