High yield 4.393% WI level at the time of the auction 4.391%.
Tail +0.2 basis points Bid to cover 2.37X versus 2.32X Directs 28.4% vs average of 21.2%
Indirects 61.5% versus average of 65.4% Dealers 10.05% versus average of 13.4% The domestic buyers were the stronger today it ain’t 428.4% of the issue. The international buyers were less than the average at 61.5%. The bid to cover was modestly higher than the average.
The tail although positive was better than the average of 0.7 basis points. Auction Grade: B eg Michalowski