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5Y Auction: Small Tail, Mixed Details

US TSYS/SUPPLY
  • The 5Y auction follows yesterday’s 2Y with another small tail, this time 0.4bps. The bid-to-cover picked up but demand was led by primary dealers and directs with indirect take the lowest in at least the prior ten auctions. 5Y yields tick 0.5bp higher for +3.6bp on the day.
  • The tail compares with a five-auction average trade through of 0.4bp but at least favourably compared to June’s 0.7bp tail.
  • The bid-to-cover ticked up to 2.60 vs a five-auction average of 2.52 and June’s 2.52, for its highest since January.
  • Indirect take: 64.38% vs average 69.66% and 68.1% in June
  • Primary dealers: 13.49% vs average 11.91% av and 12.21% in June
  • Direct take: 22.13% vs average 18.43% and 19.69% in June
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