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2Y Review: Lowest Bid-to-Cover Since 2021 With 5Y Still To Come

US TSYS/SUPPLY
  • Limited net reaction in 2Y Tsy yields to the auction, having trimmed the move to currently less than 0.5bps higher than shortly before the deadline, but the longer-end continues to sell off with 2s10s climbing to -43.3bps vs closer to -44bps prior.
  • Treasury sold $69bn of the 2Y at a high yield of 4.917% vs the WI yield of 4.907%.
  • The 1bp tail is the highest since Nov and compares with a five-auction average stop through of 0.1bp and the April stop of 0.7bps.
  • The bid-to-cover of 2.41x is the lowest since Nov’21, and follows 2.66x in April and a five-auction average of 2.60x.
  • Primary dealers take 16.57% (highest since Dec) after 15.1% in Apr, indirects take 57.91% (lowest since Nov) after 66.2% in Apr.
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