High-yield 3.455%WI level at the time of the auctionTail 0.1 basis points versus 6 month average of -0.5 basis pointsBid to cover 2.63X vs 6 mother average of 2.63XDealers 9.81% versus 6 month average of 10.7%Directs 34.3% versus 6 month average of 32.0% Indirects 55.9% versus 6 month average of 57.4%
The auction was near the WI level. The Bid to cover was right on the 6 month average. The domestic buyers were marginally higher than the six-month average while the international buyers were marginally lower than the six-month average. The dealers were saddled with slightly less than what has been the average.
Overall, the auction grade: B
The US treasury will auction off 5 and 7 year notes tomorrow and Thursday respectively.
This article was written by Greg Michalowski at investinglive.com.