US treasury auctions off $61 billion of 5 year notes at a high yield of 0.621%

Tale of 0.6 basis points

• high yield 0.621%. Tale of 0.6 basis points
• bid to cover 2.24x vs. six-month average of 2.45x
• Dealers 28.6% vs. 23.7% six-month average
• directs 14.4% vs. six-month average of 15.6%
• indirects, 57.1% vs. six-month average of 60.7%

Not a very good auction with a tale of 0.6 basis points vs the WI level at the time of the auction. The bid to cover was lower than the six-month average as well and the dealers were saddled with a larger percentage of the auction due to the tepid demand.