High yield 4.408% WI level at the time of the auction 4.399%Tail +0.9 basis points vs Six-month average of 0.6 basis pointsBid to cover 2.28X vs average 2.33XDirects 27.22% versus average of 21.4%Indirects 59.25% versus average of 65.6%Dealers 13.53% versus average of 12.9%AUCTION GRADE D+Tail below average, Bid to cover below average. Directs above average, Indirects below average. Dealers above average (negative). If I grade easy it is a C-, but not today. It is a D+ This article was written by Greg Michalowski at investinglive.com.