Investors Snap Up Five-Year Treasuries in Show of Solid Demand

Solid investor demand at the Treasury Department’s $70 billion auction of new five-year notes offered the latest evidence of appetite for shorter-term securities.

Yields across US debt maturities edged off their session lows after the sale on Wednesday, which saw indirect bidders — a category of investors that includes foreign central banks — took down a record 78% of the new five-year notes. That indication of strong investor demand came in contrast to recent weakness in global auctions of longer-dated debt.