AUCTION HISTORY: US to sell USD 70bln of 5yr notes at 18:00GMT/13:00EST

• High Yield: (prev. 3.747%, six-auction avg. 3.725%)
• Tail: (prev. 0.1bps, six-auction avg. 0.4bps)
• Bid-to-Cover: (prev. 2.35x, six-auction avg. 2.36x)
• Dealers: (prev. 8.8%, six-auction avg. 10.4%)
• Directs: (prev. 31.7%, six-auction avg. 28.7%)
• Indirects: (prev. 59.5%, six-auction avg. 61.0%)

The upcoming US auction of $70 billion in 5-year notes is notable, particularly in light of the recent auction history. The higher average yields and relatively strong bid-to-cover ratios suggest solid demand, but the slight uptick in tails and dealer participation could indicate potential caution among participants. Traders should monitor how this auction impacts yield curves and risk sentiment in the broader fixed income market.