The U.S. bond market reacted weakly to the issuance results of $70 billion in five-year treasury bonds. The bidding Indicators performed well, with the accepted yield about 0.2 basis points lower than the trading level before issuance. The U.S. 5-Year Treasury Notes Yield increased about 3 basis points from Monday's closing level during the day, while the 5s30s spread narrowed by about 0.5 basis points. The accepted yield was reported at 4.478%, with the pre-issuance trading level at 4.480% as of 11:30 AM New York time when bidding closed; the bid-to-cover ratio was 2.4 times, compared to a six-auction average of 2.39 times, and the last was 2.43 times. The proportion allocated to direct bidders was 20.3%, down from 24.6% previously, while the recent average was 17.5%; the proportion allocated to indirect bidders was 67.3%, up from 64.1% previously, while the recent average was 69.6%.