27 March 2015 US Fixed Income Weekly 5-year note Combined customer participation dipped below-average to a six-month low of 60.4% from 67.6% in February. Indirect bidder participation declined to 55.7% from 60.1% in February, though still above its prior-year average 53.7%. The trend of low direct bidder takedown continued in March as the participation fell to 4.7%, the lowest in the auctions since June 2013. The auction generated a soft bid-to-cover ratio of 2.35 in comparison to its prior-year average 2.68, and ended with a tail of 1.2bp. i-5-year note auction statistics Size ($bn) Primary Dealers Mod Bidders Indirect Bidders Cover Ratio Stop-out IPM WI BP Tail Yield Bid 1 yr Avg $360 336% 12.6% 537% 2.68 as Mar-16 $36.0 39.8% 4.7% 66.7% 2.36 1.387 1.376 1.2 Feb-15 $35.0 32.4% 7.5% 60.1% 2.54 1.480 1.477 0.3 Jan- I 5 $35.0 27.4% 9.6% 63.1% 2.49 1.288 1.294 -0.6 Dec-14 $35.0 33.9% 7.3% 68.7% 2.39 1.739 1.736 0.4 Nov-14 $35.0 26.1% 9.9% 66.0% 2.91 1.696 1.611 -1.6 Oct-14 $35.0 41.7% 10.6% 47.8% 2.36 1.567 1.550 1.7 Sep-14 $35.0 41.0% 8.8% 50.3% 2.56 1.800 1.792 0.8 Aug-14 $35.0 36.4% 10.8% 52.7% 2.81 1.646 1.644 0.2 Jul-14 $35.0 26.9% 25.9% 48.2% 2.81 1.720 1.729 -0.9 Jun-14 $35.0 38.2% 9.3% 62.6% 2.74 1.670 1.668 0.2 May-14 $35.0 39.1% 10.6% 60.4% 2.73 1.613 1.606 0.8 Apr-14 $35.0 36.6% 18.6% 44.9% 2.79 1.732 1.723 0.9 Swot us Pawn sal Dana* Ilent 7..veat iv)to The auction recorded a soft customer participation of 62.8% (vs. 64.7% average) for the second straight month. Indirect bidder takedown declined for the third consecutive month to 50.5% from 52.3% in February though was still above its prior-year average of 48.2%. Direct bidder participation increased to 12.3% from 10.5%, but remained below its average 16.5% for the seventh month in a row. The bid-to-cover ratio of the auction was also weak at 2.32, and compares wi