[The winning yield of the US 5-year Treasury bond issuance hit the lowest level in a year] Golden Finance reported that the US Treasury issued $70 billion in 5-year Treasury bonds, and the winning yield was 3.645%, slightly higher than the pre-issuance trading level of 3.642% when the bid closed at 1 pm Eastern Time, but still the lowest result since April 2023. The US Treasury market did not react much to the bidding results. The 5-year yield still rose by about 1.5 basis points during the day, and the 5s30s spread remained basically flat at about 46 basis points. The allocation ratio of primary dealers was 13.2%, slightly lower than the previous time, the allocation ratio of indirect bidders rose to 70.5%, and the allocation ratio of direct bidders fell to 16.3%; the bid multiple was 2.41 times, and the average of the previous six times was 2.38 times.