High-yield 3.669%WI level at the time of the auctionTail 0.7 basis points versus six month average up 0.4 basis pointsBid-to-Cover 2.53X versus six month average of 2.59XDirects 28.13% versus six month average up 19.9%Indirects 54% versus six month average up 65.5%Dealers 17.9% versus six month average of 14.7%
Auction Grade : C-
The auction was not great. The foreign demand was weaker than expected. That pushed up the dealer commitment. The tail was positive at +0.7 basis points in the bid to cover was monthly below the six-month average.
I gave it a grade of C- but only barely.
This article was written by Greg Michalowski at investinglive.com.