US 5 year note auction by US treasury
- High-yield 1.365% versus 1.375% WI
- Bid to cover 2.48x vs 2.26x last. The 6 month average 2.36x
- Directs 18.7% versus 13.7% last month.
- Indirects 59.7% versus 53.4% last month
- Dealers take 21.64% versus 6 month average of 27%
The yield came in 1 bp less than the WI, with a bid to cover at a higher level than the 6 month auction average. As a result of the strong demand, the dealers took a lower percentage of the auction as well. Good auction. Good demand.
