• High yield 3.93%
• tail 1.0% vs. six-month average of -0.6 basis points
• bid to cover 2.39X vs 2.37X average over the last 6 auctions
• Directs 18.65% vs 17.4% over the last 6 auctions
• Indirects 69.1% vs 70.0% average over the last 6 auctions
• Dealers 12.2% vs 12.6% average of the last 6 auctions

Auction grade: C-

The pieces of the auction came in very near the averages including bid to cover, directs, indirects, and dealers (average). What is not so good was the tail of 1 bp. That gave it the C- grade from me.