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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
US TSYS/SUPPLY
June’s coupon auctions were more mixed compared with May’s strong performances (when all but 1 sale traded through their when-issued yield), as we pointed out in our review of the month's auctions in the latest Treasury Deep Dive. Of the 7 June sales, 4 traded through, with 3 tailing. However the tails were relatively modest, and only the 20Y sale really stood out.
- Indeed the 20Y sale was the strongest per our Relative Strength Indicator, with a 2bp trade-through. Also of note was the 1.1bp trade-through on the 30Y. Both long-end instruments saw strong non-dealer bidding.
- The 10Y segment was a weak point once again, with the biggest tail of the month (1.5bp) – it was the only auction to tail in May. The 10Y sale came on the same day as the middling 3Y result.
June Auction Results::
- 2Y Note trade-through, 4.670% vs. 4.680% WI
- 2Y FRN, 0.134% high margin vs. 0.170% prior
- 3Y Note tail, 4.202% vs. 4.200% WI
- 5Y Note tail, 4.019% vs. 4.012% WI
- 5Y TIPS, 1.832% high yield vs. 1.320% prior
- 7Y Note trade-through, 3.839% vs. 3.847% WI
- 10Y Note tail, 3.791% vs. 3.776% WI
- 20Y Bond trade-through, 4.010% vs. 4.03% WI
- 30Y Bond trade through, 3.908% vs. 3.919% WI
Numbers indicate auction stop-through (+)/tail (-) in basis points. Source: MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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