• High-yield 3.897%
• WI level at the time of the auction 3.909%
• Tail of -1.2 basis points versus 6 auction average of -0.3 basis points .
• Bid to cover 2.68X vs 6 auction average of 2.66X
• Dealers 13.28% versus 6 auction average of 12.3%.
• Directs 11.9% versus 6 auction average of 25.8%.
• Indirects 74.8% versus 6 auction average of 61.9%

The international buyers were the heavy lifters in the auction with them taking nearly 75% of the auction well above the 6 auction average of 61.9%. The tail of -1.2 basis points is indicative of strong bidding. The bid to cover was near the average suggesting that the international buyers were the big participant, but the domestic direct bidders were much less than average. The dealer takedown was a little bit above the average as well suggesting a one sided international buying market.

Auction grade: B

This article was written by Greg Michalowski at investinglive.com.