The Treasury sells $40B in five-year notes at 2.13% (.pdf) - the first reduction in size at this...

|By:, SA News Editor

The Treasury sells $40B in five-year notes at 2.13% (.pdf) - the first reduction in size at this maturity since the beginning of 2007. Bid-to-cover ratio of 2.71, in line with recent averages; indirect bidders take 40.6%, vs. a recent 45.5%. Direct bidders take 15%, vs. a recent 11.3%. Futures widened losses slightly; 30-year Tsy -1.08%, 10-year -0.71%, 5-year -0.5%.