Rick Santelli Gives Auction "C-"

The U.S. Treasury just completed an auction selling $35 billion worth of 5 year debt, and the auction was particularly poor, given some of the metrics. The yield on the debt was 1.58%, but it was trading at 1.565% prior to the auction. The bid to cover was 2.62, well below the 10 auction average of 2.80. This is the 3rd worst auction in the past 10 auctions. The direct bidders took down 36.6% of this auction. Rick Santelli gave it a C- grade following the results of the auction.