• High yield: 4.894%
• WI level at the time of the auction: 4.894%
• Tail: 0.0 basis points vs the average of 0.2 basis points
• Bid to cover: 2.46X vs the average of 2.49X
• Directs: 32.82% vs the average of 24.2%
• Indirects: 57.77% vs the average of 63.7%
• Dealers: 9.41% vs the average of 12.1%

Auction grade: B−

A slightly above-average auction overall. The high yield matched the WI level, avoiding the modest tail typically seen. Bid to cover was marginally below average, while the bidder breakdown showed stronger direct participation offsetting softer indirect demand. Directs took 8.62 percentage points more than average, while indirects took 5.93 percentage points less. Dealers were left with 9.41%, below the 12.1% average—a constructive sign for end-investor demand. The absence of a tail and lower dealer takedown give the auction a modest positive tilt, although the softer bid to cover and indirect participation keep the grade in check.

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