Treasury's $41 B 5-year sale was well received
Treasury's $41 B 5-year sale was well received, like the 2-year, despite the richening in yields. This auction priced well, stopping at 2.576%, through the 2.582% at the bid deadline. And it compares to December's 2.652%. Bids totaled almost $98.8 B for a 2.41 cover, much better than last month's 2.09, though is in line the 2.45 average. Indirect bidders accepted 60.2%, also better than the prior 53.6% but consistent with the 60.7% average. Direct bidders took 7.8%, below the 9.6% previously. Also, the $42 B 3-month bill sale was decent. The offering stopped at 2.375%, through the 2.385% at the bid deadline, and versus last week's 2.390%. There were $136.2 B in bids for a 3.27 cover, up from the prior 3.02 and the 3.12 average. Indirect bidders accepted 41.2%, above the 33.1% last week but in line with the 41.1% average.