U.S. Treasury auctions off $70 billion of 5-year notes at a high yield of 3.983%
High-yield 3.983% WI level at the time of the auction 3.975% Tail +0.8 basis points versus 6-month average of -0.3 basis points. Bid to cover 2.31X versus 6-month average of 2.39X Directs 29.5% versus 6-month average of 18.9% Indirects 58.28% versus 6-month average of 70.1% Dealers 12.23% versus 6-month avearage of 11.0% AUCTION GRADE: D Below average with the…










