Jefferies economist Tom Simons said......>

US TSYS/5Y: Jefferies economist Tom Simons said "today's 5-year note auction

tailed 1.6 bps as it stopped at 2.245%. This is the widest tail for a 5-year

auction since December 2013."

- He adds that "the stopout rate is the highest since March 2011."

- "Since the auction stopped between 2.215% and 2.249%, the auction resulted in

the accidental reopening of an old 7-year note (CUSIP: 912828N30) of which there

was already $29 bln outstanding," Simons added. "The bid cover of 2.36 is the

weakest since June 2017. Indirects took down 58.4%, which is their smallest

takedown since April. Direct bidders took down 7.9%, which is at the lower end

of the recent range. Dealers took down 33.7% of the auction, which is well above

average."