<div id="readability-page-1"><p>The U.S. Treasury will auction off $70 billion of 5 year notes at the top of the hour. Yesterday, the auction off to your notes with average demand. The auction will be compared to the 6 month averages of the major components to determine either strong or weak demand.</p><p>The six-month component averages shows: </p><ul><li>Tail 0.3 basis points. </li><li>Bid to cover 2.36X</li><li>Directs 24.9%. (Measure of domestic demand)</li><li>Indirects 64.7% (measure of international demand)</li><li>Dealers 10.4% (the dealers generally take the residual supply)</li></ul><p>The last 5 year note auction was at 3.625%. The current 5 year yield is at 3.565%.</p></div>

TAIL

<p>The U.S. Treasury will auction $70 billion of 5-year notes at 1 PM ET. The auction's demand will be assessed against six-month averages: Tail 0.3 basis points, Bid to cover 2.36X, Directs 24.9%, Indirects 64.7%, Dealers 10.4%. The last auction yield was 3.625%, while the current yield is 3.565%.</p>

U.S. Treasury to sell 70 billion of 5 year notes at 1 PM ET