U.S. sells 5-yr debt at record-low yield; bonds up

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U.S. sells 5-yr debt at record-low yield; bonds up
from MarketWatch.com - MarketPulse
NEW YORK (MarketWatch) -- The Treasury Department sold $35 billion in 5-year notes on Wednesday at a yield of 0.758%, the lowest on record for an auction. Bidders offered to buy 2.99 times the amount of debt sold, compared an average of three times at the last four sales of 5-year notes, all for the same amount, according to CRT Capital Group. Indirect bidders, a group which includes foreign central banks, bought 42.6%, versus an average of 43.7% of recent auctions. Direct bidders, a group which includes domestic money managers, purchased another 6.5%, compared with 12.2% on average. After the auction, the broader bond market held onto gains. Yields on 10-year notes , which move inversely to prices, stayed down 6 basis points to 1.71%, near their lowest closing level ever.