High-yield 3.925%WI level at the time of the auction 3.922%Tail 0.3 basis points versus 6 month average of -0.9 basis pointsBid-to-cover 2.49X vs 6 month average of 2.62XDirects 12.8% vs 6 month average of 24.3%Indirects 77.45% vs 6 month average of 66.2%Dealers 9.8% vs 6 month average of 9.5%
A mixed auction.
AUCTION GRADE: C
Tail is positive vs -0.9 basis points Disappointing. The domestic buyers took a back seat to the auction at only 12.8% but the international demand was very strong at 77.45%. Dealers were left near the average after the dust settled.
This article was written by Greg Michalowski at investinglive.com.