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3Y Note Auction - Tails

US TSYS/SUPPLY

Tsys inching lower after $58B 3Y note auction (91282CCL3) tails: 0.426% high yield vs. 0.422% WI; 2.41x bid-to-cover off 2.46x 5 auction avg.

  • Indirect take-up remains strong at 53.17% vs. 51.08% 5M avg, while direct bidders steady at 18.28% -- over one year high. Primary dealer take-up climbed to 28.55% vs. June's 27.55% but still off 31.63% 5M average.
  • The next 3Y auction is tentatively scheduled for August 10.

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