Mediocre 5Y Auction Tails As Foreign Demand Tumbles One day after a solid 2Y auction, moments ago the Treasury conducted the second coupon sale of the week when it sold $70BN in 5Y paper in what was a mediocre affair. Starting at the top, the auction stopped at a high yield of 3.879%, down from 4.071% in May and the lowest since last September. However, despite the intraday concession which saw yields rise across the curve into the 1pm auction, the auction tailed the When Issued 3.874% by 0.5bps, the first tail since March. The bid to cover was also… — Continue at ZeroHedge News : Read More
