US sells $51 billion of 5 year notes at a high yield of 0.298%

Tail -0.9 basis points

The US treasury sold $51 billion of 5 year notes at a high yield of 0.298%. That was lower than the WI level of 0.307%.

• High yield 0.298% vs. WI at 0.307%
• Bid to cover 2.71x vs six-month average of 2.48x
• Dealers 17.82% vs. 27.8% six-month average
• Directs 15.93% vs. 13.6% six-month average
• Indirects 66.25% vs. 58.6% six-month average

Another stellar auction with high demand as traders/investors park funds into the relative safety of the US debt market ahead of the November election.