• High yield 4.300%
  • WI level at the time of the auction 4.313%
  • Tail -1.3 basis points vs six-month average of 0.2 basis points
  • Bid to cover 2.79Xvs. six-month average of 2.58X
  • Directs (domestic buyers) 15.8% vs six-month averages 17.6%
  • Indirects (international buyers) 74.0% vs six with average of 65.9%.
  • Dealers 10.18% versus six-month average of 16.5%

Auction grade: A

The bid to cover was comfortably above the average. There was negative tail of -1.3 bps versus a 0.2 bp average.

The demand came from international buyers with a strong 74% going to that sector. The lowered the dealer takedown to 10.18% from 16.5 average.

The only blemish was the domestic demand which was marginally lower from the six-month average.

Source: