$38 Billion 5 Year Comes At 1.995% High Yield, 2.58 Bid To Cover

Tyler Durden's picture

Today's 5 Year $38 billion auction came in at a 1.995% high yield: not a record, unlike yesterday's 2 Year Auction, but still the lowest since April of 2009, when it was 1.93. The high yield came in 3.4 bps weak of the When Issued. The Bid To Cover came in at 2.58, compared to last auction's 2.71, and right on the one year average of 2.58. Direct bidders came in at 10.4%, indirects, at 34.6% were the lowest since July 2009, while primary Dealers took down the highest amount, or 55%, since July 2009 as well. Median yield was 1.925 and the low yield was 1.80%, with 18.36% allotted at the high yield of 1.995%.