High yield 5.216%WI level at the time of the auction 5.212%Tail 0.4 basis points vs average of -0.2 basis pointsBid to cover 2.39X vs average of 2.43XDirects 21.6% vs average of 22.5%Indirects 66.8% vs average of 67.0%Dealers 11.6% vs average of 10.6%Auction Grade: C-The Tail was above the WI level. The bid to cover was just below the average. The Dealers were saddled with more than the average as a result of slightly less than average demand from the directs (domestic) and indirects (international) buyers. This article was written by Greg Michalowski at investinglive.com.