High yield 3.781%WI level at the time of the auction 3.775%Tail 0.6 basis points versus 6 month average of -0.6 basis pointsBid to cover 2.46X vs 6 month average of 2.56XDealers 9.44% versus 6 month average of 9.2%Directs 30.27% versus 6 month average of 23.5%Indirects 56.65% versus 6 month average of 67.2%
AUCTION GRADE: C-/D+
Below average auction with low international demand. Domestic demand was fairly strong but came at a high yield above the WI level at the time of the auction.
This article was written by Greg Michalowski at investinglive.com.