- High yield 4.314%
- WI Level at the time of the auction 4.283%
- Tail 3.1 basis points vs 6 month average of -0.5 basis points
- Bid to cover 2.31X vs 6 month average of: 2.41X
- Dealers 19.18% vs 6 month average of 15.2%
- Directs 15.5% vs 6-month average of 18.4%
- Indirects 65.32% vs 6-month average of 66.4%
AUCTION GRADE: F
Sorry it is hard to give an F but all the components were below the 6 month averages with the exception of the dealers, but the dealers taking 19.18% above the average of 15.2% is not good. They need to distribute that amount to customers who don’t want it at current level.
The Nasdaq moved from about +378 points to up 335 points currently. The S&PP move from up 95.79 points vs up 85 points currently.
However, we will see if the market ignores the results.
Rick Santelli from CNBC gave it a D.