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3Y Note Auction - Small Stop

US TSYS/SUPPLY

Tsys holding steady/near lows after $58B 3Y note auction (91282CCT6) stops through: 0.465% high yield vs. 0.467% WI; 2.54x bid-to-cover off 2.46x 5 auction avg.

  • Indirect take-up remains strong at 55.41% vs. 51.16% 5M avg, while direct bidder take-up climbs to new 1+ year high of 18.43%. Primary dealer take-up slips to 26.17% vs. July's 28.55% still well off 31.10% 5M average.
  • The next 3Y auction is tentatively scheduled for September 7.

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