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Strong 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: climbs 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.

Date	Time	Amt	Security	CUSIP, Yield
26-Apr	1300ET	$48B	2Y Note	(91282CEK3), 2.585% vs. 2.595%WI
27-Apr	1130ET	$30B	119D-Bill CMB	(912796XP9)
27-Apr	1130ET	$24B	2Y Note FRN	(91282CEL1)
27-Apr	1300ET	$49B	5Y Note	(91282CEN7)
28-Apr	1130ET	TBA	4W-Bill	26-Apr
28-Apr	1130ET	TBA	8W-Bill	26-Apr
28-Apr	1300ET	$44B	7Y Note	(91282CEM9)

2-May	1130ET	TBA	13W-Bill	28-Apr
2-May	1130ET	TBA	26W-Bill	28-Apr
5-May	1130ET	TBA	4W-Bill	3-May
5-May	1130ET	TBA	8W-Bill	3-May

9-May	1130ET	TBA	13W-Bill	5-May
9-May	1130ET	TBA	26W-Bill	5-May
10-May	1300ET	TBA	3Y Note	4-May
11-May	1300ET	TBA	10Y Note	4-May
12-May	1130ET	TBA	4W-Bill	10-May
12-May	1130ET	TBA	8W-Bill	10-May
12-May	1300ET	TBA	30Y Bond	4-May

16-May	1130ET	TBA	13W-Bill	12-May
16-May	1130ET	TBA	26W-Bill	12-May
17-May	1130ET	TBA	52W-Bill	12-May
18-May	1300ET	TBA	20Y Bond	12-May
19-May	1130ET	TBA	4W-Bill	17-May
19-May	1130ET	TBA	8W-Bill	17-May
19-May	1300ET	TBA	10Y TIPS R/O	12-May

23-May	1130ET	TBA	13W-Bill	19-May
23-May	1130ET	TBA	26W-Bill	19-May
24-May	1300ET	TBA	2Y Note	19-May
25-May	1130ET	TBA	2Y Note FRN R/O	19-May
25-May	1300ET	TBA	5Y Note	19-May
26-May	1130ET	TBA	4W-Bill	24-May
26-May	1130ET	TBA	8W-Bill	24-May
26-May	1300ET	TBA	7Y Note	19-May

31-May	1130ET	TBA	13W-Bill	26-May
31-May	1130ET	TBA	26W-Bill	26-May
2-Jun	1130ET	TBA	4W-Bill	31-May
2-Jun	1130ET	TBA	8W-Bill	31-May

6-Jun	1130ET	TBA	13W-Bill	2-Jun
6-Jun	1130ET	TBA	26W-Bill	2-Jun
7-Jun	1300ET	TBA	3Y Note	2-Jun
8-Jun	1300ET	TBA	10Y Note R/O	2-Jun
9-Jun	1130ET	TBA	4W-Bill	7-Jun
9-Jun	1130ET	TBA	8W-Bill	7-Jun
9-Jun	1300ET	TBA	30Y Bond R/O	2-Jun

13-Jun	1130ET	TBA	13W-Bill	9-Jun
13-Jun	1130ET	TBA	26W-Bill	9-Jun
14-Jun	1130ET	TBA	52W-Bill	9-Jun
16-Jun	1130ET	TBA	4W-Bill	14-Jun
16-Jun	1130ET	TBA	8W-Bill	14-Jun

22-Jun	1300ET	TBA	2Y FRN R/O	16-Jun
22-Jun	1300ET	TBA	20Y Bond R/O	16-Jun
23-Jun	1300ET	TBA	5Y TIPS R/O	16-Jun

27-Jun	1300ET	TBA	2Y Note	23-Jun
27-Jun	1300ET	TBA	5Y Note	23-Jun
28-Jun	1300ET	TBA	7Y Note	23-Jun

11-Ju;	1300ET	TBA	3Y Note	7-Jul
12-Jul	1300ET	TBA	10Y Note R/O	7-Jul
13-Jul	1300ET	TBA	30Y Bond R/O	7-Jul

20-Jul	1300ET	TBA	10Y TIPS	14-Jul
21-Jul	1300ET	TBA	20Y Bond R/O	14-Jul

25-Jul	1300ET	TBA	2Y Note	21-Jul
26-Jul	1300ET	TBA	5Y Note	21-Jul
27-Jul	1300ET	TBA	2Y Note FRN	21-Jul
28-Jul	1300ET	TBA	7Y Note	21-Jul

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Strong 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: climbs 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.

Date	Time	Amt	Security	CUSIP, Yield
26-Apr	1300ET	$48B	2Y Note	(91282CEK3), 2.585% vs. 2.595%WI
27-Apr	1130ET	$30B	119D-Bill CMB	(912796XP9)
27-Apr	1130ET	$24B	2Y Note FRN	(91282CEL1)
27-Apr	1300ET	$49B	5Y Note	(91282CEN7)
28-Apr	1130ET	TBA	4W-Bill	26-Apr
28-Apr	1130ET	TBA	8W-Bill	26-Apr
28-Apr	1300ET	$44B	7Y Note	(91282CEM9)

2-May	1130ET	TBA	13W-Bill	28-Apr
2-May	1130ET	TBA	26W-Bill	28-Apr
5-May	1130ET	TBA	4W-Bill	3-May
5-May	1130ET	TBA	8W-Bill	3-May

9-May	1130ET	TBA	13W-Bill	5-May
9-May	1130ET	TBA	26W-Bill	5-May
10-May	1300ET	TBA	3Y Note	4-May
11-May	1300ET	TBA	10Y Note	4-May
12-May	1130ET	TBA	4W-Bill	10-May
12-May	1130ET	TBA	8W-Bill	10-May
12-May	1300ET	TBA	30Y Bond	4-May

16-May	1130ET	TBA	13W-Bill	12-May
16-May	1130ET	TBA	26W-Bill	12-May
17-May	1130ET	TBA	52W-Bill	12-May
18-May	1300ET	TBA	20Y Bond	12-May
19-May	1130ET	TBA	4W-Bill	17-May
19-May	1130ET	TBA	8W-Bill	17-May
19-May	1300ET	TBA	10Y TIPS R/O	12-May

23-May	1130ET	TBA	13W-Bill	19-May
23-May	1130ET	TBA	26W-Bill	19-May
24-May	1300ET	TBA	2Y Note	19-May
25-May	1130ET	TBA	2Y Note FRN R/O	19-May
25-May	1300ET	TBA	5Y Note	19-May
26-May	1130ET	TBA	4W-Bill	24-May
26-May	1130ET	TBA	8W-Bill	24-May
26-May	1300ET	TBA	7Y Note	19-May

31-May	1130ET	TBA	13W-Bill	26-May
31-May	1130ET	TBA	26W-Bill	26-May
2-Jun	1130ET	TBA	4W-Bill	31-May
2-Jun	1130ET	TBA	8W-Bill	31-May

6-Jun	1130ET	TBA	13W-Bill	2-Jun
6-Jun	1130ET	TBA	26W-Bill	2-Jun
7-Jun	1300ET	TBA	3Y Note	2-Jun
8-Jun	1300ET	TBA	10Y Note R/O	2-Jun
9-Jun	1130ET	TBA	4W-Bill	7-Jun
9-Jun	1130ET	TBA	8W-Bill	7-Jun
9-Jun	1300ET	TBA	30Y Bond R/O	2-Jun

13-Jun	1130ET	TBA	13W-Bill	9-Jun
13-Jun	1130ET	TBA	26W-Bill	9-Jun
14-Jun	1130ET	TBA	52W-Bill	9-Jun
16-Jun	1130ET	TBA	4W-Bill	14-Jun
16-Jun	1130ET	TBA	8W-Bill	14-Jun

22-Jun	1300ET	TBA	2Y FRN R/O	16-Jun
22-Jun	1300ET	TBA	20Y Bond R/O	16-Jun
23-Jun	1300ET	TBA	5Y TIPS R/O	16-Jun

27-Jun	1300ET	TBA	2Y Note	23-Jun
27-Jun	1300ET	TBA	5Y Note	23-Jun
28-Jun	1300ET	TBA	7Y Note	23-Jun

11-Ju;	1300ET	TBA	3Y Note	7-Jul
12-Jul	1300ET	TBA	10Y Note R/O	7-Jul
13-Jul	1300ET	TBA	30Y Bond R/O	7-Jul

20-Jul	1300ET	TBA	10Y TIPS	14-Jul
21-Jul	1300ET	TBA	20Y Bond R/O	14-Jul

25-Jul	1300ET	TBA	2Y Note	21-Jul
26-Jul	1300ET	TBA	5Y Note	21-Jul
27-Jul	1300ET	TBA	2Y Note FRN	21-Jul
28-Jul	1300ET	TBA	7Y Note	21-Jul

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