High-yield: 4.876%Tail -0.1 basis points versus six month average of -0.2 basis pointsWI level at the time of of the auction 4.877%Bid to cover 2.54X vs six month average of 2.63XDirects 26.5% vs six month average of 18.3%Indirects 60.64% vs six month average of 67.6%Dealers 12.88% vs six month average of 14.1%
AUCTION GRADE: C+
Direct and indirect cancel each other but dealers a saddled with 1.3% less than normal which is a positive.
The bid to cover was a little less than normal.
This article was written by Greg Michalowski at investinglive.com.