Treasury Auctions $70 Billion of 5-Year Notes at 4.182%, 12th Straight Tail
The Treasury sold $70 billion of five-year notes at a high yield of 4.182%, 0.1 basis point above the 4.181% when-issued level before the auction. The sale drew a 2.34 bid-to-cover ratio, with indirect bidders taking 74.9%, direct bidders 12.3% and primary dealers 12.8%.
The result marked a 12th consecutive tail, the longest such stretch in history. Compared with the previous five-year note sale, indirect awards rose from 72.3% and the bid-to-cover ratio edged up from 2.33, while direct awards fell from 15.0%.
From the sources (4 posts)
@zerohedge5Y auction high yield 4.182%, WI 4.181%, 0.1bps tail, 12th tail in a row - longest stretch in history
@zerohedgeSolid 5Y Auction Despite 12th Consecutive Tail, Thanks To Stellar Foreign Demand
@financialjuiceUS 5-Year Note Auction High Yield 4.182% [Tail +0.1 bps] Bid-to-cover 2.34 Sells $70 bln Awards 75.22% of bids at high Primary Dealers take 12.8% Direct 12.3% Indirect 74.9%
@livesquawkUS 5-Year Note Sale: - High Yield Rate: 4.182% (prev 3.955%) - Bid-Cover Ratio: 2.34 (prev 2.33) - Direct Accepted: 12.3% (prev 15.0%) - Indirect Accepted: 74.9% (prev 72.3%) - WI: 4.181%