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CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

MNI: US MBA: MARKET COMPOSITE +5.4% SA THRU DEC 06 WK

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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2Y Auction: On The Screws With Mixed Internals

US TSYS/SUPPLY

2Y Tsys unchanged on the auction results, having rallied marginally ahead of them - yields +0.9bp on the day. Mixed internals for the auction, with a low bid-to-cover but strong indirects take.

  • The $60B 2Y auction sees a high yield of 4.365% vs WI 4.365%. Coming in on the screws, it’s in line with the five-auction average of 0.0bps and after stopping through by 0.6bps in Dec.
  • The bid-to-cover is on the low side at 2.57x, compares to 2.68x from Dec and a five-auction average of 2.70x. Lowest since Nov and before that March.
  • However, dealer take also on the low side: 14.83% (lowest since Sep) vs 18.6% Dec and five-auction av 16.8%.
  • Indirects take: 65.30% (highest since July) vs 61.85% Dec and five-auction av 62.3%
  • Directs take: 19.87% vs 19.5% Dec and five-auction av 20.9%
  • The $60B sale is the largest since Oct’21. Ahead of next week’s quarterly refunding announcement, consensus is aligned on a further $3B monthly upsizing for the upcoming quarter.
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