if you cover ratio 2.48 versus 2.36 at the previous auction

The U.S. Treasury sold 34 billion a five-year notes at a high yield of 2.434%

  • The bid to cover came in at 2.48 versus 2.36 at the last auction
  • US awards 26% to primary dealers
  • US awards 9.1% to direct bidders
  • US awards 65% to indirect bidders

The bid to cover ratio was the highest since September 2017

The yield was the highest since April 2010.

An OK auction with decent demand at the higher yield.