US sell $34B of 5 year notes at 1.742%

Bid to cover at 2.58. That is unchanged from the last auction.

• High yield was less than 1 bp below its 1 PM WI level
• Primary dealers take 17.47%. Direct 13.46% and indirect 69.06%
• Primary dealers accepted bids 11.35% of the amount tendered. Directs take 73.72% of bid amount. Indirects take 79.95%
• US awards primary dealers record ow share of US 5-year treasury note supply (17.47%)
• The yield was lowest since October 1.303%.
• The previous auction yield 1.884%