High yield 4.20%WI level at the time of the auction 4.193%Tail 0.7 basis points versus average of 0.5 basis pointsBid to cover 2.35X versus average of 2.33XDirects 25.5% vs average of 22.4%Indirects 61.6% versus average of 65.3%Dealers 12.89% Versus average of 12.3%
Auction Grade: C
The tail was near the average of a 0.5% tail at 0.7%. The bid to cover was at the average. There was greater demand from domestic buyers offset by less demand from international buyers. The dealers were left with about the average. If there was a tilt from average grade of C it was toward a C-.
This article was written by Greg Michalowski at investinglive.com.