The Treasury Department Wednesday auctioned $35 billion of five-year notes, with a 1% coupon, a 1.040% high yield and a price of 99.805782.
The bid-to-cover ratio was 2.85.
Tenders at the high yield were allotted 13.62%. All competitive tenders at lower yields were accepted in full.
The median yield was 0.990%. The low yield was 0.930%. Tenders totaled $99,880,343,500 and the Treasury accepted $35,000,091,900, including $28,643,500 of noncompetitive.
A combination of a "stronger-than-expected economy, higher Treasury rates, robust supply, and rich valuations resulting in choppy markets" have made the trading environment in H124 "quite difficult," according to Barclays.
Two rating agencies upgraded Los Angeles Unified School District's bond ahead of multi-billion dollar refunding.
The Basel III Endgame proposal to restructure capital holding levels comes under fire.
Friday price talk for the unrated tax-exempt paper was between 11% and 15%.
The board approved that step at its second quarter board meeting held this week.
The Inflation Reduction Act, affordable housing and clean energy were among the topics discussed at Baker Tilly's DevelUP conference in Chicago this week.
