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.
