US treasury sells 47 billion of 5 year notes
- High yield 0.33% vs. 0.336% WI level before the auction
- Bid to cover 2.58x vs. six-month average of 2.47x
- Dealers 21.96% vs. six-month average of 27.1%
- Directs 15.8% vs. six-month average of 13.9%
- Indirects 62.3% vs. six-month average of 59.0%
Overall a decent auction with the:
- yield coming in lower than the WI level
- Bid to cover higher than the six-month average
- Dealers saddled with less than the six-month average.
