US treasury auctions $70B of 5 year at a high yield of 3.625%

• High yield 3.625%
• WI level at the time of the auction 3.626%
• Tail -0.1 basis points vs 0.1 basis points
• Bid to cover 2.38X vs 2.35X
• Directs 23.9% vs 6-month average 25.1%
• Indirects 66.8% vs 6-month average 64.2%
• Dealers 9.3% vs 6 month average 10.7%

AUCTION GRADE: C