WI at the time of the auction was 2.03%.
- high yield 2.04%
- WI 2.03%. 1.0 BP tail
- Bid to cover 2.21x vs 2.27X six month average
- Direct (a proxy for domestic demand) 21.0% vs 19.0% six month average
- Indirects (a proxy for international demand 60.65% vs 61.2% six month average
- Dealers (the leftovers go to the Dealers) 18.35% vs 19.8% six month average
Auction Grade: C-
After the stellar auction yesterday, the 30 year auction today was a disappointment.
- There was a positive tale of 1.0 basis points vs the WI level at the time of the auction
- Bid to cover was less than the 6 month average
- There was above average domestic demand but foreign demand was less than the 6 month average.
Just nothing great about the auction.
PS Rick Santelli on CNBC gives it a D+