- High yield 4.408%
- WI level at the time of the auction 4.399%
- Tail +0.9 basis points vs Six-month average of 0.6 basis points
- Bid to cover 2.28X vs average 2.33X
- Directs 27.22% versus average of 21.4%
- Indirects 59.25% versus average of 65.6%
- Dealers 13.53% versus average of 12.9%
AUCTION GRADE D+
Tail below average, Bid to cover below average. Directs above average, Indirects below average. Dealers above average (negative). If I grade easy it is a C-, but not today. It is a D+
This article was written by Greg Michalowski at investinglive.com.