High yield 5.163% WI level at the time of the auction 5.158%.
Tail 0.5 basis points versus six month average of -0.3 basis points
Bid to cover 2.64X versus average of 2.66X Directs vs average of 23.9% Indirects vs average of 65.9% Dealers vs average of 10.1% Auction Grade: Key Components of a U.S. Treasury Auction High Yield (Stop-Out Yield): Final accepted yield. Lower than expected = Strong demand Higher than expected = Weak demand Tail (vs.
When-Issued Yield): Most watched metric. Through (negative tail) = Very strong auction Positive tail = Weak auction Bid-to-Cover Ratio: Total bids ÷ amount sold. Higher than average = Strong demand Lower than average = Weak demand Indirect Bidders: Foreign central banks and overseas investors.