High yield: 4.26% (prev. 4.290%, six-auction avg. 4.076%)
WI level at the time of the auction: 4.260%
Tail: 0.0 basis points versus average of 0.2 basis points
Bid to cover: 2.50X versus average of 2.49X
Directs (domestic buyers): 29.7% versus average of 24.3%
Indirects (international buyers): 57.6% versus 6-month average of 64.8%
Dealers:12.8 versus 6-month average of 10.9%
AUCTION GRADE: C-
The tail was 0.0 basis points. The Bid to cover was nearly equal to the average. The Domestic buyers outbid the international buyers. The Dealers were saddled with more than average.
Overall, the demand was just a little lower than average.
This article was written by Greg Michalowski at investinglive.com.