High yield 4.613%WI level at the time of the auction 4.615%Tail -0.2 basis points vs 6 month average of 0.4 basis pointsBid to cover 2.74X vs 6 month average of 2.65XDirects 27..87% vs 6 month average of 19.5%Indirects 64.56% vs 6 mongh average of 67.2%Dealers 7.57% vs 6 month average of 13.3%
Domestic demand was strong at 27.87% vs 19.5% average. The bid to cover was above the average. The auction had a negative tail and the dealers were saddled with a low 7.57% vs 13.3%.
Overal grade: A-. Solid.
This article was written by Greg Michalowski at investinglive.com.