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US treasury auctions off $45 billion of 5 year notes at a high yield of 3.230%

US treasury auctions off $45 billion of 5 year notes at a high yield of 3.230%

News
Greg Michalowski
24/08/2022 | 17:00 GMT
  • WI level at the time the auction was 3.220%
  • High yield 3.23%
  • WI level 3.220%
  • Tail 1.0 versus 6 month average of 0.4 basis points
  • Bid to cover 2.3X versus 6 month average of 2.44X
  • Dealers 20.61% versus 6-month average of 18.0%
  • Direct 18.22% versus 6-month average of 19.0%
  • Indirect 61.18% versus 6 month average of 63.0%

Auction Grade: D

  • The tail was higher than average. Bad
  • The Bid to cover was lower than average. Bad
  • The Dealers were left with more than average: Bad
  • The directs (domestic demand) was less than average: Bad
  • The indirects (international demand) was less than average: Bad

It wasn't as bad as the 2 year, but it was sloppy and indicative of less than normal demand all around.

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