U.S. Treasury sells $70 billion of 5 year notes at a high yield of 3.562%

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.

This article was written by Greg Michalowski at investinglive.com.