High-yield 4.121%WI level at the time of the auction 4.110%Tail 1.1 basis point versus a six month average of 0.5%Bid to cover 2.40X versus six month average of 2.36XDealers 13.97% vs six month average of 16.3%Directs (domestic investors) 18.78% vs six month average of 17.9%Indirects (international investors) 67.25% versus the six month average of 65.8%
Overall grade: B
The good: Dealers take less than the average because both domestic and international buying was modestly above average levels.The average: Bid to cover was near the 6-month averageThe not so good: The tail of 1.1 basis points above the WI level at the time of the auction was higher and above the 6 month average.
This article was written by Greg Michalowski at www.forexlive.com.
