The U.S. Treasury Department sold $70 billion in 5-year notes, with the awarded yield reaching 3.615%. At the time of the bid deadline, the pre-issuance trading level stood at 3.608%.

The bid-to-cover ratio for the auction was 2.32 times, compared to an average of 2.36 times over the previous six auctions.

Primary dealers were allotted 12.8% of the issue, above the prior six-auction average of 10.1%.

Direct bidders received 24.7% of the notes, lower than the six-auction average of 28.5%.

Indirect bidders were allocated 62.5%, slightly above the average of 61.4% from the previous six sales.