High yield: 4.708%WI level at the time of the auction: 4.705%Tail: 0.3 basis points vs the average of a 0.2-basis-point stop-throughBid to cover: 2.59X vs the average of 2.64XDirects: 41.32% vs the average of 30.4%Indirects: 45.68% vs the average of 58.3%Dealers: 13.0% vs the average of 11.3%Auction grade: C−The auction was a little below average. The high yield came in 0.3 basis points above the WI level, meaning buyers needed a modest yield concession to absorb the supply. Bid to cover was also slightly below average. The bigger shift was in the bidder mix, with indirect participation falling to 45.68% while directs stepped up to take 41.32%. That stronger direct demand helped fill the gap, but dealers were still left with a larger share than usual. Overall, a soft auction, although the small tail and modest miss in bid to cover keep it from being a particularly poor result. This article was written by Greg Michalowski at investinglive.com.