High yield 3.724%WI level at the time of the auction 3.717%Tail 0.7 basis points versus 6 month average of -0.1 basis pointsBid to cover 2.36X versus 6 month average of 2.37XDirects 30.74%versus 6 month average of 19.4%Indirects 60.5% versus 6 month average of 69.3%Dealers 8.8% versus 6 month average of 11.2%
Auction grade:B-
I give the 5 year auction a grade of B-. The tail was high at 0.7 basis points which was not that great. However, the Bid to cover was average, Domestic buyers were very high at 30.74% vs 19.4%. The domestic buyers outbid International buyers who bought less at 60.5%.
Overall, the dealers were saddle with less than average.
This article was written by Greg Michalowski at investinglive.com.