US sells $59B of 5 year notes at a high yield of 0.394%

WI was trading at 0.391%

The US treasury sold billion dollars of 5 year notes at a high yield of 0.394%. The high level for the auction was trading at 0.391%.

• The bid to cover came in at 2.39 x vs.2.38x last auction
• The dealers took 24.92%
• Directs took 18.0% vs. 14.3% last auction
• Indirects took 7.1% vs. 56.5% last month

Earlier today, the US treasury also sold $58 billion of 2 year notes.

• High yield came in at 0.137% vs. 0.165% last month
• bid to cover came in at 2.45x vs 2.71x last month
• Directs 17.5% vs. 15.7% last month
• Indirects 49.2% vs. 46.0% last month

Overall, the auctions were unimpressive but what can you expect given the end of year environment

The US treasury will auction off 7 year notes tomorrow