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US sells USD 70bln of 5yr notes; Tail 0.5bps

The recent auction of USD 70 billion in 5-year notes saw a high yield slightly below expectations, which may suggest stable demand despite a marginal increase in borrowing costs.

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US sells USD 70bln of 5yr notes; Tail 0.5bps

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  • High Yield: 3.955% (prev. 3.980%, six-auction avg. 3.725%): WI 3.950%
  • Tail: 0.5bps (prev. 1.4bps, six-auction avg. 0.5bps)
  • Bid-to-Cover: 2.33x (prev. 2.29x, six-auction avg. 2.35x)
  • Dealers: 12.68% (prev. 15.6%, six-auction avg. 11.4%)
  • Directs: 15.03% (prev. 22.5%, six-auction avg. 26.5%)
  • Indirects: 72.79% (prev. 61.9%, six-auction avg. 62.1%)
Context

The tail was tighter compared to previous auctions, indicating stronger market reception, while a solid bid-to-cover ratio reflects investor interest, particularly from indirect bidders. This could imply a more favorable outlook for future issuance and may influence interest rate sentiment across the curve.

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