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US sells USD 70bln of 5yr notes; tails 0.3bps

The recent auction of USD 70 billion in 5-year notes saw a high yield of 3.823%, which is above the previous yields and slightly higher than the six-auction average.

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US sells USD 70bln of 5yr notes; tails 0.3bps

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  • High Yield: 3.823% (prev. 3.747%, six-auction avg. 3.725%); WI: 3.820%.
  • Tail: 0.3bps (prev. 0.1bps, six-auction avg. 0.4bps)
  • Bid-to-Cover:2.34x (prev. 2.35x, six-auction avg. 2.36x)
  • Dealers: 10.9% (prev. 8.8%, six-auction avg. 10.4%)
  • Directs: 28.5% (prev. 31.7%, six-auction avg. 28.7%)
  • Indirects: 60.7% (prev. 59.5%, six-auction avg. 61.0%)
Context

The 0.3bps tail indicates a marginally weaker demand compared to the last auction, while the bid-to-cover ratio remains stable. This could signal a cautious approach to risk assets, as dealer participation increased but indirect bidders were slightly lower, potentially impacting perceptions of future rate movements and overall market sentiment.

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