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US treasury sells $70 billion of 5 year notes at a high yield of 5.033%

The Treasury sold $70 billion of five-year notes at a high yield of 5.033%, compared with a when-issued (WI) yield of 5.002% just before the auction. That is a 3.1-basis-point tail, well above the six-auction average of 0.6 basis points. Bid-to-cover: 2.21X versus the 2.33X average Direct bidders: 29.92% versus the 21.8% average Indirect bidders: 54.31% versus the 65.2% average Dealers: 15.77%…

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