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2Y Auction Preview – WI Tracking Close To April’s High Yield

US TSYS/SUPPLY
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  • Today’s double coupon-bearing issuance gets underway at 1130ET with $69bn of 2Y before $70bn of 5Y at the usual 1300ET, owing to the holiday-shortened week.
  • Currently at 4.905%, the 2Y WI yield is exactly where it was at the deadline for the April auction before it traded through by 0.7bps at 4.898%.
  • Looking further back, the five-auction average has seen a trade through of just 0.1bp.
  • The bid-to-cover was 2.66x in April (highest since Dec) and it averaged 2.60x over five latest auctions.
  • Primary dealers took 15.1% in Apr (15.3% average), indirects took 66.2% (64.9% average) and directs took 18.7% (19.8% average).
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  • Today’s double coupon-bearing issuance gets underway at 1130ET with $69bn of 2Y before $70bn of 5Y at the usual 1300ET, owing to the holiday-shortened week.
  • Currently at 4.905%, the 2Y WI yield is exactly where it was at the deadline for the April auction before it traded through by 0.7bps at 4.898%.
  • Looking further back, the five-auction average has seen a trade through of just 0.1bp.
  • The bid-to-cover was 2.66x in April (highest since Dec) and it averaged 2.60x over five latest auctions.
  • Primary dealers took 15.1% in Apr (15.3% average), indirects took 66.2% (64.9% average) and directs took 18.7% (19.8% average).