• High Yield 3.563%
  • WI level at auction time 3.550%
  • Tail of 1.3 basis points versus a six-month average of 0.9 basis points
  • tender
  • Orientation of 21.08% vs. a six-month average of 19.1%
  • Indirect 64.1% vs. a six-month average of more than 66.5%
  • Dealers 14.8% vs. six-month average 14.4%

Auction grade: D+

Highlights: One of the highlights is that domestic demand was above the six-month average.

Other than that, the ingredients were worse than the six-month averages. The tail was higher. Cover width was less. International demand was below average.

Overall, it’s not the most desirable case. The results support that.