High Yield: 4.420%Previous: 4.899%Six-auction average: 4.316%Tail:-0.5 bpsPrevious: 1.9 basis pointsSix-auction average: 0.1 basis pointsBid-to-Cover
- High Yield: 4.420%
- Previous: 4.899%
- Six-auction average: 4.316%
- Tail:-0.5 bps
- Previous: 1.9 basis points
- Six-auction average: 0.1 basis points
- Bid-to-Cover Ratio:2.46X
- Previous: 2.36x
- Six-auction average: 2.52x
- Dealers: 16.9%
- Previous: 19.4%
- Six-auction average: 13.3%
- Directs:17.6%
- Previous: 19.1%
- Six-auction average: 19.1%
- Indirects:65.5%
- Previous: 61.5%
- Six-auction average: 67.6%
Auction Grade: C+
Highlights: Unlike the 2 year note auction from earlier, there was a negative tail. The Bid to cover was ok, but short of the 6-month average. The international and domestic demand was less than the 6-month averages. That led to more supply heading to the dealers.
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