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5Y Auction Preview

US TSYS/SUPPLY
  • Treasuries have pared earlier losses, with yields 2-3bps higher on the day through 2-10Y tenors and the very long-end outperforming.
  • The 5Y auction comes in around an hour with WI currently around 4.16%, off a high of 4.185%.
  • The past five 5Y auctions have seen an average trade through of 0.4bps although June tailed by 0.7bps. [It follows yesterday's 2Y seeing a small 0.3bp tail]
  • Bid-to-cover: five-auction average of 2.52 and unlike the 2Y has been fairly consistent around these levels.
  • Indirect take has also been fairly consistent of late, with an average 69.66% and 68.1% in June, with a similar story for primary dealers (11.91% av, 12.21% Jun) and direct (18.43% av, 19.69% June).

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