• High yield of 4.787%
• WI level at the time of the auction 4.785%
• Tail 0.2 basis points versus average of 0.1 basis point
• Bid to cover 2.63X average of 2.61X
• Directs 29.2% versus average of 28.3%
• Indirects 57.79% versus average of 58.6%
• Dealers 13.19% versus average of 13.1%

Auction grade: C

The auction was close to average overall. The high yield of 4.787% was 0.2 basis points above the when-issued level, a slightly larger tail than the 0.1-basis-point average. Demand was modestly better on the bid-to-cover ratio at 2.63 times versus 2.61 times, and direct bidders took a slightly larger share than usual. Indirect bidding was a touch below average, while dealer takedown was essentially in line. There was no standout sign of strength or weakness, making C a fair grade.

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