5 Year Auction Gets "B-" Grade From Santelli

The U.S. Treasury just concluded its Treasury auction, selling $35 billion in 5 year Treasuries. Rick Santelli gave it a B- grade. The auction ended with a 1.029% yield, which compares favorably to the 1.03 W/I prior to the end of the auction. The bid to cover on the auction was 2.71, compared to the ten auction average of 2.77. It is better than the two most recent auctions. Indirect bidders took down 42% of the auction, compared to the ten auction average of 39%.