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US TSYS/SUPPLY: Preview 2Y Note Auction

US TSYS/SUPPLY
USBulletMarketsFixed Income BulletsNorth America

Tsy futures are off this morning's lows ahead of the $69B 2Y note auction (91282CME8) at 1300ET, WI is currently running at 4.332%, 5.8bp cheap to last month's stop.

November auction recap: Treasuries resumed earlier gains after a strong 2Y auction: high yield of 4.274% vs WI 2.292% (the 1.8bp stop through is the largest since July and before that Aug 2023), bid-to-cover was 2.77x vs 2.50x in Oct and a five-auction average at 2.67x – highest since July.

Peripheral stats: Primary dealer take: 9.20% vs 17.93% in Oct and a five-auction average of 13.03% - lowest since July. Indirects take: 71.63% vs 58.23% in Oct and a five-auction average of 67.39% - highest since July.

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Tsy futures are off this morning's lows ahead of the $69B 2Y note auction (91282CME8) at 1300ET, WI is currently running at 4.332%, 5.8bp cheap to last month's stop.

November auction recap: Treasuries resumed earlier gains after a strong 2Y auction: high yield of 4.274% vs WI 2.292% (the 1.8bp stop through is the largest since July and before that Aug 2023), bid-to-cover was 2.77x vs 2.50x in Oct and a five-auction average at 2.67x – highest since July.

Peripheral stats: Primary dealer take: 9.20% vs 17.93% in Oct and a five-auction average of 13.03% - lowest since July. Indirects take: 71.63% vs 58.23% in Oct and a five-auction average of 67.39% - highest since July.

Keep reading...Show less