U.S. Treasury yields turned flat on Wednesday after the government’s auction of five-year notes, the second of three debt offerings this week. The Treasury Department auctioned $35 billion in five-year notes at a high yield of 1.48 percent., versus 1.288 percent in January. The bid-to-cover ratio, an indicator of demand, was 2.54, compared to a recent average of 2.66.
The share of indirect bidders—an indicator of foreign demand—was 60.1 percent, compared to a recent average of 53 percent. The share of direct bidders, which includes domestic buyers—was 7.5 percent.
The Benchmark 10-year note was at 1.983 percent following the sale, from a yield of 1.99 percent late Tuesday, while the U.S. five-year note yield rose to 1.48 percent. U.S. 30-year bond yields flattened to 2.59 percent.