The US treasury sold $25B of 5 year TIPS at a high yield of 1.732%

  • Bid to cover was 2.38X vs. six-month average of 2.64X
  • Tail 1 bp vs six-month average of -3.1 basis points
  • directs 17.0% vs. six-month average of 13.2%
  • Indirects 75.3% vs. six-month average of 75.0%
  • Dealers 7.7% vs. six-month average 11.8%.