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Modest Tail On 2Y Auction

US TSYS

2Y Notes high yield 0.249% vs 0.244% when-issued, leaving a 0.5bp tail - modestly weak but not unusual for 2Y. Fairly middling stats otherwise, with primary dealers taking 30.9% and 2.54x bid-to-cover (vs 2.74x prior but very much close to long-term average).

  • Yields ticked higher on the results, but remain lower on the session.

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