• High yield 4.473%
• WI level at the time of the auction 4.471%
• Tail 0.2 basis points
• Bid to cover 2.49X vs avg at 2.48X
• Directs 16.9% vs avg of 24%
• Indirects 70.1% vs avg of 64.5%
• Dealers 13% vs avg of 11.4%

Auction grade C-

Modestly below average auction to end the coupon auctions ahead of the Fed decision tomorrow. 

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