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Preview $60B 2Y Note Auction

US TSYS/SUPPLY

Tsy supply kicks off with $60B 2Y-Note auction (91282CDD0) at the top of the hour, WI currently running around 0.485%, appr 17.5bp cheaper to last Sep's 0.310% high yield.
Sep recap: Treasury futures extend lows after the weak 2Y sale: 0.310% high yield vs. 0.302 WI; 2.28x bid-to-cover, lowest since 2008.

  • Indirect take-up: 45.32%, lowest since April's 43.56%
  • Primary dealer take-up: surged to 32.99% from low of 18.28% in Aug; Direct take-up: climbed to 21.69%, highest since late 2019.

Timing: The 2Y note results will available shortly after the competitive auctions closes at 1300ET. The next 2Y auction is tentatively scheduled for November 22.

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