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Treasury Sells 5Y Paper At Highest Yield Since March

Courtesy of ZeroHedge. View original post here.

Unlike yesterday's ugly 2Y auction which printed at the highest yield since October 2008, the just concluded sale of $34 billion in 5 Y paper was solid if uneventful, stopping on the screws with the When Issued at 1.911%, the highest yield since March 2017. Non-comps were $103.9 million, up from $92.0 million last month.

The bid to cover of 2.52 was lower than the past two months, if slightly higher than the 6 month average of 2.48.

The internals were in line, with Indirects awarded 69.6%, just above the 6 month average of 66.5%, Directs bidders dropped from 13.5% last month to 7.1%, while dealers were awarded 23.3% versus the previous six auction average of 25.6%.

In summary: a solid if boring 5 year auction, which brings us to tomorrow's "belly buster" 7 year auction.


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