High yield:3.440%
WI level at auction time: 3.457%
tail: -1.7 bs
- Average of six auctions: 0.1 basis points
Show Coverage: 2.66X
Merchants:10.45%
Direct (local demand measure):11.3%
Indirect (international demand measure):78.24%
Auction Grade: A
details: International buyers were in attendance and outperformed other bidders. International buyers received 78.24%. This was well above the six-month average of 64.7%. As a result, domestic buyers received only 11.3%, well below the six-month average of 18.8%.
International demand was evident from the -1.7bp tail. The tail is the difference between the WI level at auction time and the high yield. This compares very favorably to the +0.1bp tail we have seen over the past six months.
The bid to cover was also stronger at 2.66X versus the average 2.56X.