High yield 4.179%WI level at the time of the auction 4.185%Tail versus -0.6 bps average of 0.1 basis pointsBid to cover 2.60X versus average of 2.61XDirects 24.8% versus average of 22.5%Indirects 67.5% versus average of 62.5%Dealers 7.74% versus average of 15.0%
Auction Grade A
About the only thing marginally disappointing is the Bid to cover was equal to the average over the last 6 auctions.
Other than that the tail was negative by -0.6 bps, the domestic (direct) and international (indirect) demand was above the average leaving only 7.74% for the dealers to distribute.
Solid demand.
This article was written by Greg Michalowski at investinglive.com.