Tail of 0.4 basis points
– WI yield at time of auction was 0.207%. Tail of 0.4 basis points
– High yield of 0.211% vs. prior auction of 0.25%
– Bid to cover 2.28x vs. six-month average of 2.4x
A sloppy auction with a 0.4 basis point tail, bid to cover that was less than the six-month average, dealers saddled with