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/5Y: The WI 5Y note is at 2.231%.....>

US TSYS/SUPPLY
US TSYS/SUPPLY: /5Y: The WI 5Y note is at 2.231% ahead of the 1pm ET US$34B 5Y
auction.
- Traders expect 1300ET five year note auction will be done at 2.23%. They
appear to expect a fairly good auction
- 5Y NOTE: Jefferies' Simons said 5Y auction pays down $1B; auction settles Jan2
i.e. new year. Traders noted 5Y tight in RP, good shorts cd aid sale. 
- Cantor Fitz Justin Lederer expects "buyers" as "we hover around the highest
ylds since 2011; wld "not be surprised by a further small concession and/or
small tail given the time of yr." 
 5Y HISTORY: Good $34B Nov. 5Y sale: 2.066% rate, 65.8% indirects, 11.4%
directs, leaving only a small 22.8% for primary dealers.

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