Treasury sells 5-year notes; bonds stay down

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Treasury sells 5-year notes; bonds stay down
from MarketWatch.com - MarketPulse NEW YORK (MarketWatch) -- The Treasury Department sold $35 billion in 5-year notes on Tuesday at a yield of 0.88%. Bidders offered to buy 2.86 times the amount of debt sold, compared to an average of 2.95 times at the last four monthly sales of 5-year notes, which were all for the same amount. Indirect bidders, a group that includes foreign central banks, bought 50.6%, the highest proportion since August 2010 and above the average of 45.7% of recent sales. Direct bidders, a group which includes domestic money managers, purchased another 9.1%, versus an average of 11.9%. After the auction, the broader Treasury market remained under pressure. Yields on 10-year notes , which move inversely to prices, rose 9 basis points to 1.91%.