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BMO analyst Ian Lyngen said today's......>

US TSYS/2Y
US TSYS/2Y: BMO analyst Ian Lyngen said today's $26B 2Y auction proved "soft,
with a tail of 0.1 bp (effectively on the screws) and non-dealer bidding of
58.4% vs. 70.7% average." The auction also drew only "very light indirects. The
2-year auction stops at 1.345% vs. 1.344% 1 PM WI level."
- He added that "dealers were awarded 41.6% vs. 29.3% average 2-year auctions"
while "indirects get 45.8% vs. 55.8% norm" and "directs take 12.6% vs. 15.0%
average. Bid/Cover was 2.80X vs. 2.90x average."

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