High yield 3.980%Wi level at the time of the auction 3.966%Tail +1.4 basis points versus 6 month average of 0.3 basis pointsBid to cover 2.29X versus 6 month average of 2.36XDirects (domestic buyers) 22.48% versus 6 month average of 27.5%Indirects (international buyers) 61.9% versus 6 month average of 61.7%Dealers 15.61% versus 6 month average of 10.8%
AUCTION GRADE; D
Another lackluster and below average auction. The tail was 1.4 basis points versus 0.3 basis points average. The bid to cover was less than the average. Domestic buyers didn’t show up again, with international buyers around the average. The Dealers were not saddled with nearly 25% like yesterday, but are accepting 15.61% well above the 10.8% average.
This article was written by Greg Michalowski at investinglive.com.