Bid to cover comes in at 2.44x vs 2.52x last month

  • The high yield comes in at 2.058%
  • the bid to cover ratio is at 2.44x versus 2.52x the last auction
  • the yield was less than one basis point above its 1 PM when-issued level
  • US awards 11% of five-year notes to direct bidders
  • US awards 61.6% of five-year notes to indirect bidders

The yield is the highest since April 2011. It was a fraction of basis point above the December 2016 high of 2.057%