pull down to refresh

Isn't the tail simply the difference between the lowest price paid at auction and the average auction price?
Lavish is the best.
Wow. You're good. You can skip the beginning.
reply
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.
reply
I know. I can't keep them straight in my head.
reply
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
reply
High yield = low price paid but thanks for clarifying the when issued part.
reply