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Preview $42B 2Y Note Auction: 3.907% WI, 76.6Bp Rich to Prior


Tsy futures remain weaker/off lows ahead the $42B 2Y note auction (91282CGU9) at the top of the hour. WI is currently running around 3.907%, 76.6bp rich to last month's tail - the sixth largest differential over the last 35 years

  • February auction recap: Tsy futures inched lower, modest selling after weak $42B 2Y note auction (91282CGU9) tailed: 4.673% high yield vs. 4.667% WI; 2.61x bid-to-cover vs. 2.94x prior.
  • Indirect take-up slips to 62.04% vs. 64.99% prior month, direct take-up 22.99% vs. 18.73% prior, primary dealer take-up 14.97% vs. 16.28%,
  • Timing: The 2Y note results will available shortly after the competitive auctions closes at 1300ET.

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