WI level at 2.971%. Bid to cover 2.30X
The US treasury auctioned off US$39 billion of five-year notes at an average yield of 2.977%. That was above the WI level of 2.971% at the auction cutoff time.
- the bid to cover came in at 2.30x which was lower than the last auction of 2.39x and the 6-month average of 2.48x
- 39.1% was awarded to primary dealers
- 59.0% to indirect bidders versus 57.9% last
- 1.9% to direct bidders versus 9.2% last
This was not a great auction.
