WI was at 1.275% at the time of the auction
- WI at 1.275%
- Tail +2.5 basis point
- High yield 1.3000%
- Bid to cover 2.23x vs 2.28x six month average
- Dealers 24.73% vs 24.50% six month average
- Directs 18 0% vs 16.9% six month average
- Indirect 57.27% vs 50.6% six month average
Another bad auction for the 7 year, but better than last months when the tail was 4.4 basis points. The tail this time was 2.5 basis points.
The Bid to cover came in at 2.23x which was better than the record 2.04x last month. The six month averages 2.28x but that was certainly drag down by last month’s sharp decline.
A D grade only because last month’s auction was an F and I am grading on a curve.