Auction Grade: D

  • The tail was higher than average. Bad
  • The Bid to cover was lower than average. Bad
  • The Dealers were left with more than average: Bad
  • The directs (domestic demand) was less than average: Bad
  • The indirects (international demand) was less than average: Bad

It wasn’t as bad as the 2 year, but it was sloppy and indicative of less than normal demand all around.