- High yield 3.810%
- WI level at the time of the auction 3.812%
- Tail -0.2bps vs six with average of 0.0 basis points
- Bid to cover 2.55X versus six-month average is 2.57X
- Directs (a measure of domestic demand) 20.3% six-month average is 18.5%
- Indirects (a measure of international demand) 64.4% six-month average is 65.0%
- Dealers 15.4% vs six-month average is 16.5%
AUCTION GRADE: C
The tail was negative by -0.2 bps not far from 0.0% average. The bid to cover was near the 6 month average. While the domestic demand was higher than the average, the international demand was less than average. Dealer take down was near the average (a little better than average).
If it isn’t a C grade it might be a C+ but there is lots of average in the results
This article was written by Greg Michalowski at www.forexlive.com.
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