- High yield 4.659%
- WI level at time of auction: 4.655%
- Tail 0.4 basis points versus six-month average of 0.5 basis points
- Offer covering 2.39X versus six-month average of 2.41X
- Leads 19.25% against a half-year average of 17.9%
- Indirect 65.74% compared to a half-year average of 65.4%
- Dealers 15.02% compared to a half-year average of 16.7%
Auction grade: C+
Domestic demand was stronger than average. International demand was comparable to average. The bid to cover was close to the six-month average. Although there was a positive tail of 0.4 basis points, it is also close to the average of the last 6 months.
So overall it’s above average, but not by much.
PS: the 70 billion dollars represented a record amount for this issue. Tomorrow, the coupon auction ends for the week with the sale of $49 billion in 7-year notes.
cnbctv18-forexlive
