US Treasury's $70B 5YR auction in small 0.3bps tail even as demand inches higher
The notes were awarded at 3.645%, below the pre-sale, or when-issue, rate of 3.642%, and well below the 4.434% high seen in the prior auction.
The bid to cover ratio, a measure of demand, for the auction rose to 2.41 from 2.40 seen in the prior auction.
Dealers made up 53.2% of the bids, with direct bidders at 12.55% and indirect bidders at 34.23%.
The yield on 5-Year rose 1 basis points to 3.67%.
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