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Excessive yield 4.138
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WI yield st the time of the public sale 4.122
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Tail 1.6 foundation level 6-auction avg. 0.5bps
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Bid-to-Cowl 2.39X vs 6-auction avg. 2.37x
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Sellers 14.2% vs 6-auction avg. 14.4%
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Directs (a measure of home demand) 9.50% vs. 6-auction avg. 17.6%
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Indirects (a measure of worldwide demand) 76.4% vs 6-auction avg. 68.0%
AUCTION GRADE: C-
Overview: The 5 yr be aware public sale had a bigger than common sale of 1.6 foundation factors indicative of sluggish demand. THe bid to cowl was close to the common.
Wanting on the consumers, home demand was very week at solely 9.5% versus 17.6% common. Nevertheless, the worldwide demand was a lot better than anticipated at 76.4% versus 68.0%. The issue, is that the consumers weren’t that aggressive relative to the WI degree.
