{"id":438680,"date":"2026-09-24T00:07:38","date_gmt":"2026-09-23T17:07:38","guid":{"rendered":"https:\/\/www.swingfish.trade\/blog\/market-news\/us-treasury-sells-70-billion-of-5-year-notes-at-a-high-yield-of-5-033-438680\/"},"modified":"2026-09-24T00:07:38","modified_gmt":"2026-09-23T17:07:38","slug":"us-treasury-sells-70-billion-of-5-year-notes-at-a-high-yield-of-5-033","status":"publish","type":"post","link":"https:\/\/www.swingfish.trade\/blog\/market-news\/us-treasury-sells-70-billion-of-5-year-notes-at-a-high-yield-of-5-033-438680\/","title":{"rendered":"US treasury sells $70 billion of 5 year notes at a high yield of 5.033%"},"content":{"rendered":"<div>\n<p dir=\"auto\" class=\"PDq2pG_selectionAnchorContainer\">The Treasury sold $70 billion of five-year notes at a high yield of 5.033%, compared with a when-issued (WI) yield of 5.002% just before the auction. That is a 3.1-basis-point tail, well above the six-auction average of 0.6 basis points.<\/p>\n<ul>\n<li>Bid-to-cover: 2.21X versus the 2.33X average\n<\/li>\n<li>Direct bidders: 29.92% versus the 21.8% average\n<\/li>\n<li>Indirect bidders: 54.31% versus the 65.2% average\n<\/li>\n<li>Dealers: 15.77% versus the 12.9% average\n<\/li>\n<\/ul>\n<p dir=\"auto\">Auction grade: D. Direct bidders stepped up, but that was not enough to offset weaker indirect demand. The lower bid-to-cover ratio and the sizable tail show that buyers required a higher yield than the market had expected to absorb the supply. Dealers were left with a larger share than average. For traders, the tail is the clearest takeaway: even with the WI yield already at 5.002%, the auction needed another 3.1 basis points to clear.<\/p>\n<p>                            This article was written by Greg Michalowski at investinglive.com.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Treasury sold $70 billion of five-year notes at a high yield of 5.033%, compared with a when-issued (WI) yield of 5.002% just before the auction. That is a 3.1-basis-point tail, well&hellip;<\/p>\n","protected":false},"author":216,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86],"tags":[],"class_list":["post-438680","post","type-post","status-publish","format-standard","hentry","category-market-news"],"_links":{"self":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/438680","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/users\/216"}],"replies":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/comments?post=438680"}],"version-history":[{"count":0,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/438680\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/media?parent=438680"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/categories?post=438680"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/tags?post=438680"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}