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After yesterday's dismal 2Y auction, which printed at the lowest bid to cover since 2008, few were looking forward to today's 5Y auction which would come in an environment of even worse liquidity coupled with a continued selloff across the Treasury complex this morning. Yet to everyone's surprise, the sale of $41 billion in 5Y notes was nothing short of stellar, with the high yield coming in at 1.756%, which while above last month's tailing stop of 1.587%, stopped through the When Issued 1.772% by a whopping 1.6bps, the biggest stop through since February 2016! Also unlike yesterday's disappointing 2Y auction, the ... (full story)