If yesterday’s 2 Year auction was at best mediocre, today’s auction of $34 billion in 5 Year paper was downright woeful. The high yield of 1.218% tailed the When Issued by a whopping 1.3bps, suggesting far less interest than the market expected. This was confirmed by a look at the fundamentals, which showed a Bid to Cover of just 2.29, far below last month’s 2.60 and below the 12month average of 2.45%. In fact, the Bid to Cover was the lowest since 2009.