$42 Billion 5 Year Auction Closes At 2.54%, 2.75 Bid-To-Cover, Directs To The Rescue Rescue Again

  • $42 Billion in 5 Years auctioned off at 1 PM
  • Yield of 2.540% versus expectation of 2.532%, 2.568% previously
  • Bid To Cover of 2.75, versus 2.55 previously and 2.7 average
  • Indirect take down 48.92% versus Average 47.58 and 39.66 previously
  • Directs come to the rescue again with a fresh record take down of 14.3%, 10.8% previously and 7.1% average
  • Primary Dealer hit ratio at 2010 low of 20.26% after PDs bid $75.94 billion and were allotted $15.39 billion
  • 90.56% allotted at high