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Preview $48B 2Y Note Auction

US TSYS/SUPPLY

Tsy $48B 2Y note sale at the top of the hour (91282CEK3), 2Y WI currently 2.580%, just over 21bp rich to last Friday's 2.79% high print, but 21.5bp cheaper to last month's high yield tail. Tsy futures currently trading firmer, short end regaining some footing as yield curves reversing early flattening.

  • March auction recap:
    • Tsy futures dipped after weak $50B 2Y note auction (91282CEG2) tailed: 2.365% high yield vs. 2.355% WI; 2.46x bid-to-cover, lowest since Nov'21 and lagging five auction avg: 2.56x.
    • Indirect take-up slipped to 55.03% from 65.58% in Feb;
    • Primary dealer take-up: bounced to 19.43% vs. 15.65% prior;
    • Direct take-up: 25.55% vs. 18.77%.
  • Timing: The 2Y note results will available shortly after the competitive auctions closes at 1300ET.
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