The US treasury to auction $70 billion of 5 year notes at 1 PM ET

The US treasury will auction off a $70 billion of five-year notes at 1 PM ET.

The major components of the 5-year issue with the 6 month averages shows:

• Tail: Avg. -0.1 BPs
• Bid-to-cover: Avg. 2.41x
• Dealers: Avg. 16.0%
• Directs: Avg. 17.9%
• Indirects: Avg. 66.1%

The two-year note earlier today was met with less than stellar demand with a tale of one basis point, a bid to cover over 2.41X versus 2.59X average.

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