US sells $70 billion of five-year notes at a high yield of 4.659%

• High yield 4.659%
• WI level at the time of the auction: 4.655%
• Tail 0.4 basis points versus six-month average of 0.5 basis points
• Bid to cover 2.39 Xversus six-month average of 2.41X
• Directs 19.25% versus six-month average of 17.9%
• Indirects 65.74% versus six-month average of 65.4%
• Dealers 15.02 % versus six-month average of 16.7%

Auction Grade: C+

Domestic demand was stronger than average. International demand was on par with the average. Bid to cover was near the six-month average. Although there was a positive tail of 0.4 basis points, it also is near the average over the last 6-months.

So overall, it is above average, but not by much.

This article was written by Greg Michalowski at www.forexlive.com.