• Excessive yield
• WI (when-issued) yield on the time of the public sale 3.890%
• Tail 2.0 bps
• Bid to cowl 2.43X versus 6 month common of two.39X.
• Tail 2.0 foundation factors vs 6 month common of -0.2 foundation factors
• Directs (a measure of home demand) 20.13% vs 6 month common of 18.4%.
• Indirects (a measure of worldwide demand) 69.02% vs 6 month common of 70.8%
• Sellers (they take the remaining) 10.9% versus 6 month common of 10.8%.

Public sale Grade: C

It was a bizarre public sale as demand was in line when trying on the indirects, directs and vendor percentages. Nevertheless, the tail of two.0 foundation factors was disappointing. The Bid to cowl, close to the common as properly.

I give it a C with a tilt to C-.