Although your n=1, it would be greatly appreciated if you could answer a few questions to address some of the angst and speculation that was rampant on last year's WL support thread involving a feeling that initial As were down compared to prior years while WLs were up but movement was less than usual.
You said offers were the same while WL was up. Does that mean initial As were the same? If so, did yield go up, down or stay the same? On a related note, did WL movement stay the same, or change inversely to yield? On its face, it looks like you are saying nothing changed except you built a bigger WL out of an abundance of caution, but your initial As, yield and WL movement didn't change from prior years. Is that correct?
Any information you could provide to increase transparency would be greatly appreciated!!!
Thanks!!!