Bid to cover 2.41vs 2.09x at the last auction

  • WI just before the auction was at 2.582%
  • High yield 2.576%. Lowest yield since January 2018
  • Bid to cover at 2.41x vs 2.09X at last auction
  • noncompetitive bids $34.78 million
  • Treasury auctions $41B
  • 24.6% of five your notes to primary dealers
  • 15.2% to direct bidders. Largest share of five-year treasury supply since July 2014
  • 60.2% to indirect bidders. Largest share of five-year treasury supply since August 2018
  • primary dealers have the smallest share of five-year treasury supply since July 2018

Good auction with good demand,