US treasury auctions often $70 billion of five - year notes at a high - yield of 3.879%
High-yield 3.879%WI level at the time of the auction 3.874%Tail +0.5 basis points vs 6 month average of -0.5 basis pointsBid to cover 2.36X versus 6 month average of 2.39XDirects 24.44% versus 6month average of 18.2%Indirects 64.68% versus 6-month average of 70.5%Dealers 10.88% versus 6- month average of 11.3%Auction Grade:C-The domestic demand was stronger 24.44%, but that came at the expense of lower demand from international buyers. The bid to cover was near the six month average.
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