$39 billion sale of 5-year notes decent
Indirect bidders bought 56.4% of the notes sold, while the bid-to-cover ratio came in at 2.51. The IB reading was up from 36.7% at the last auction, but below the June auction peak of 62.8%. Ditto for the B2C ratio: It was up from 1.92 a month earlier, but below the June high of 2.58.
All in all, another decent auction -- not fantastic, but not terrible, either.