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5Y TIPS Review: On The Screws After Real Yields Climbed Ahead Of Cut-Off

US TSYS/SUPPLY
  • Limited initial reaction to the 5Y TIPS results, with 5Y real yields nudging 0.5bp higher back to session highs of 1.72%.
  • Treasury sold $20B of the 5Y TIPS re-open at a high yield of 1.710%, compared to a WI yield of around 1.71% per Bloomberg, after yields climbed ahead of the auction.
  • Coming in on the screws, it’s similar to the average 0.1bp trade through over the past five auctions, but compares favorably to the 2bp tail from October.
  • Bid-to-cover: 2.55x vs 2.36x Oct, five-auction average of 2.43. Highest since June and other stats also generally indicated the strongest auction since June.
  • Primary dealers take 6.14% vs 9.2% Oct, five-auction av 7.8%.
  • Indirects take 75.66% vs 73.2%, five auction av 76.1%
  • Directs take 18.2% vs 17.6%, five auction av 16.1%
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