- High-yield 3.983%
- WI level at the time of the auction 3.975%
- Tail +0.8 basis points versus 6-month average of -0.3 basis points.
- Bid to cover 2.31X versus 6-month average of 2.39X
- Directs 29.5% versus 6-month average of 18.9%
- Indirects 58.28% versus 6-month average of 70.1%
- Dealers 12.23% versus 6-month avearage of 11.0%
AUCTION GRADE: D
Below average with the exception of the Direct bid (domestic buyers). The international buyers are not showing up.
Last week, the 20-year note auction did show international buyers near the six-month average. Most of the recent auctions have had international buyers much less than the six-month average (like today’s), while domestic buyers have been taking up some of the slack. That has made most of the auctions more sluggish and, at best, near the average.
This article was written by Greg Michalowski at investinglive.com.
