October 10, 2024 at 06:03PM
High yield: 4.389%
WI level at the time of the auction: 4.404%
Tail -1.5 basis points basis points versus six-month average job 0.9 basis points
Bid to Cover 2.50X versus six-month average of 2 38X
Directs (domestic buyers) 7.37% vs six-month average of 18.4%
Indirect (international buyers): 80.47% versus six-month average of 65.4%
Dealers: 12.16% versus six-month average job 16.2%
Auction Grade : A-
Highlights: For the second auction in a row, the domestic buyers were light but th international buyers were very strong. The bid to cover was higher than the six-month average. There was a negative tail indicative of strong demand as well. The dealers were saddled with less than average.
The weirdness comes from the domestic demand which only accounted for 7.37% of the buyers. That is well below the 18.4% six-month average. It was more than made up by the international demand that 80.47% well above the 65.4% average
This article was written by Greg Michalowski at www.forexlive.com.