$39 billion sale of 5-year notes decent

The Treasury just unloaded $39 billion in 5-year Treasury Notes, tying a record for the largest such auction ever. How’d things go? The notes were sold at a yield of 2.494%. That was ever-so-slightly better than the 2.509% yield the market was expecting, according to Bloomberg.

Indirect bidders bought 56.4% of the notes sold, while the bid-to-cover ratio came in at 2.51. The IB reading was up from 36.7% at the last auction, but below the June auction peak of 62.8%. Ditto for the B2C ratio: It was up from 1.92 a month earlier, but below the June high of 2.58.

All in all, another decent auction — not fantastic, but not terrible, either.

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