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2Y Auction ​Review: Decent

US TSYS/SUPPLY
BulletMarketsFixed Income

Decent 2Y sale, Tsy futures holding firmer (curves steeper) after $48B 2Y note auction (91282CEK3) stops through: 2.585% high yield vs. 2.595% WI; 2.74x bid-to-cover surge vs. last moth's 2.46x.

    • Indirect take-up: clmbs to 65.97% vs. 55.03% in March;
    • Primary dealer take-up: 21.44% vs. 19.43% last month;
    • Direct take-up: recedes to 12.60% vs. 25.55% last month
  • The next 10Y auction is tentatively scheduled for May 24.
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Decent 2Y sale, Tsy futures holding firmer (curves steeper) after $48B 2Y note auction (91282CEK3) stops through: 2.585% high yield vs. 2.595% WI; 2.74x bid-to-cover surge vs. last moth's 2.46x.

    • Indirect take-up: clmbs to 65.97% vs. 55.03% in March;
    • Primary dealer take-up: 21.44% vs. 19.43% last month;
    • Direct take-up: recedes to 12.60% vs. 25.55% last month
  • The next 10Y auction is tentatively scheduled for May 24.