5 year notes hit the block at 2.605% with 39.7% going to Indirect Bidders

5 year notes hit the block at 2.605% with 39.7% going to Indirect Bidders.  Bid to cover was 2.55 to 1 and the issue had a T-Rex type tail of 4 bps.  To say the least, the bond market did not like it.  Mortgage backs off a minimum of 20/32’s and the 10 year is off 40/32’s.

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