Auction on Five-Year Notes Goes Well By Tony Crescenzi About this article: Results of the Treasury's $35 billion auction of five-year notes were favorable from all angles. The bid/cover ratio was 2.32, which is above the 12-month average of 2.21. Expressed in dollars, the dollar amount of bids submitted was $81 billion, compared to an average of $61 billion the past year, reflecting strong bidding. The percentage of the auction that went to indirect bidders was 44.2%, the most since February and the second-most of the past 20 months, indicating that the auction is in "good hands," so to speak -- in the hands of end-users rather than primary dealers. The auction yield was 2.31%, more than a basis point lower than expected and below the 2.317% bid seen on dealer screens at the 1 p.m. auction deadline. Today's auction was the second strong one in a row -- yesterday the Treasury sold two-year notes. There is... Or, call us at 1-866-321-TSCM (8726) Monday-Friday, 8 a.m.-6 p.m. ET. Outside the U.S. and in Canada, call 1-212-321-5200.

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