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Decent 5Y Note AUction Tsys Hold Range

US TSYS/SUPPLY

The $61B 5Y note (91282CCF6) auction traded through .7bp: high yield of 0.788% vs. 0.795% WI.

  • Bid-to-cover highest since September 2020 at 2.49x vs. 2.33x 5 month average.
  • Indirects take-up well over 5 month average of 58.08% at 64.35% (prior high of 66.22% in August 2020); direct bidder take-up at 14.87% well below 5M avg of 16.11%, as is primary dealer take-up: 20.78% well below 5-month average of 25.72%.
  • The next 5Y auction is tentatively scheduled for June 23.

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