U.S. 5-year bond issuance won the bidding yield hit the lowest in a year

US Treasury issued $70 billion five-year Treasury bonds, winning the bidding yield at 3.645%, slightly higher than the pre-issue trading level of 3.642% at the deadline of 1:00 pm EST, still the lowest result since April 2023. The US Treasury market did not respond much to the bid result. The 5-year yield still rose by about 1.5 basis points during the day, and the 5s30s spread was basically flat at about 46 basis points. The proportion of primary dealers allocated was 13.2%, slightly lower than the previous time. The proportion of indirect bidders allocated rose to 70.5%, while the proportion of direct bidders allocated fell to 16.3%. The bid multiple was 2.41 times, and the average of the previous six times was 2.38 times.