US Treasury sells $70B of 5 year notes at a high yield of 4.408%

High yield 4.408% WI level at the time of the auction 4.399% Tail +0.9 basis points vs Six-month average of 0.6 basis points Bid to cover 2.28X vs average 2.33X Directs 27.22% versus average of 21.4% Indirects 59.25% versus average of 65.6% Dealers 13.53% versus average of 12.9%…