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>High yield at 3.960%
WI level at the time of the auction 3.929%
Tail +3.1 basis points versus six month average of 0.1 basis points
Bid to Cover 2.32X vs six month average of 2.52X
Dealers 17.88% vs six month average of 15.5%
Directs 15.9% vs six month average of 17.1%
Indirects 66.2% versus six month average of 67.5%
AUCTION GRADE: D-
Yuck. The 10 year note auction was not good. The tail of 3.1 basis points. The Bid to cover was light. The Dealers were saddled with a larger than average. The domestic and international demand was weaker than average.
