High Yield: 3.972%
WI level at the time of the auction: 3.968%
Tail: 0.4 bps vs. 6- month avg. 0.5bps. The difference between the high yield and the when-issued yield (pre-auction market rate. A negative tail is indication of strong bidding. A positive tail implies less demand
Bid-to-Cover: 2.52X vs 6-month…