Results of the 5-year, $35 billion sale
- Was trading at 2.840%/2.835% in the when-issued market before the sale
- Prior was 2.612%
- Bid to cover at 2.49 vs 2.50 prior
This was basically right on the screws, in terms of what was expected even though it's the highest yield at sale since 2008. I wouldn't expect much spillover. Look to tomorrows 7-year sale for more.
