- High Yield 4.229 with a six-auction average of 4.399%.
- WI level at the time of the auction was at 4.230%
- Tail: Previous -0.1 basis points versus six-auction average +2.2 basis points.
- Bid-to-Cover Ratio: 2.37X vs six-auction average at 2.39x.
- Dealers’ Participation: 14.52% versus six-auction average at 16.0%.
- Direct Bidders (a measure of domestic demand): 17.71% versus six-auction average of 18.1%.
- Indirect Bidders (a measure of international demand): 67.77% versus six-auction average of 65.8%
Auction grade: B+
Highlights: There a negative tail which is indicative of strong demand, especially against the six-month average of 2.2 basis points. The bid to cover was close to the six-month average. Dealers were saddled with less than the average as a result of strong international demand. The domestic demand was about average.
Santelli on CNBC gave it a C+. He is stingy grader today (I might be a little easy on the market, but it did come in…
