The U.S. Treasury sells $70 billion of 5 year notes yield
- High Yield 3.562%
- WI level at the time of the auction 3.557%
- Tail 0.5 basis points versus 6 month average up 0.3 basis points
- Bid to cover 2.41X versus 6 month average of 2.36X
- Dealers 11.04% versus 6 month average of 10.4%
- Directs 27.6% versus 6 month average of 24.9%.
- Indirect 61.35% versus 6 month average of 64.7%
AUCTION GRADE: C
Domestic demand was modestly above the average, while international demand was mostly below the six-month average. The bid to cover was near the six-month average. The tail was also near the six-month average.
