US treasury auctions $23B of 5 year TIPS at 2.242%

  • WI 2.270% at the time of the auction
  • High-yield 2.242%
  • Tail -2.8 basis points vs six-month average of -0.1 basis points
  • Bid to cover 2.58X versus six-month average of 2.45X
  • Directs (domestic) 17.8% versus six-month average of 16.5%
  • Indirects (international buyers) 78.3% versus six-month average of 76.0%

Solid auction.

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