Anyone seeking a bid on a high yield bond had to be prepared to wince.

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While the municipal bond market is so frothy and has bid up all prices, sell out your weak issues and swap into strong credits.

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The bid-to-cover ratio on the five-year bond was 1.61, compared with 1.3 at the previous sale.

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Investors have bid up the price of US bonds since the financial crisis, and when bond prices increase their interest rates decrease.

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Bid-to-cover ratio was 1.5 compared to 1.8 last month for a similar bond.

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The 10-year bond attracted bids worth 1.65 times the amount on offer, up from a so-called bid-to-cover ratio of 1.32 in January.

BBC: Italy's borrowing costs surge after election stalemate