US treasury auctions $41 billion of 5-year notes at high yield of 1.15%

WI yield at 1 PM Auction 1.149%

• WI yield at auction time 1.149%. Tail of 0.1 basis points
• High Yield 1.15%
• Bid to cover 2.46x vs. 6 month average of 2.42x
• Dealers 28.6% vs 6 month average of 23.4%
• Directs 9.8% vs six-month average of 14.7%
• Indirects 61.5% vs six-month average of 61.9%

A so-so averages with a small 0.1 bp tail. The bid to cover was a little better than the 6 month average. Dealers are saddled with a bit more than averge at 28.6% vs 23.4%.

If I were to give it a grade it would be a C.