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2Y Auction ​Review: Small Stop

US TSYS/SUPPLY

Decent 2Y sale, short end Tsy futures still weaker but climbing off lows after $52B 2Y note auction (91282CEA5) small stop through: 1.553% high yield vs. 1.57% WI; 2.64x bid-to-cover vs. last moth's 2.81x, well over five auction avg: 2.56x.

  • Indirect take-up: eases to 65.58% vs. 66.00% in January;
  • Primary dealer take-up falls to 15.65% vs. 24.61% last month;
  • Direct take-up: climbs to 18.77% vs. last month's 1+ year low of 9.39%

The next 10Y auction is tentatively scheduled for Mar 28.

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