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Wow. You're good. You can skip the beginning.
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I am pretty sure James covered auctions on either Peter or Preston's podcast some months ago. I don't know all these episodes blend into one over time.
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I know. I can't keep them straight in my head.
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The tail is the high yield minus the bond’s when-issued yield
Positive tail means weaker than expected demand
Larger positive tail means worse auction
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High yield = low price paid but thanks for clarifying the when issued part.
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Isn't the tail simply the difference between the lowest price paid at auction and the average auction price?
Lavish is the best.