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5-year Auction in 40 Mins Follows Weak 2-year Turnout

US TSYS
  • 5yr sale up next, following a pretty weak turnout from the 2yr line (drew the lowest bid-to-cover since 2008).
  • Recent auction history for the 5yr line has been more mixed relative to the 2yr, with this morning's rise in 5yr yields to 0.9929% a possible sign of pre-auction concession.
  • Tomorrow sees the last auction of the week, with $62bln 7-year notes due.

Recent 5yr auction averages:

  • Bid/cover: 2.37
  • Dealer takedown: 23.2%
  • Direct award: 17.1%
  • Indirect award: 59.8%
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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