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Preview $42B 2Y Note Auction: Running Cheap Vs. March Tail

US TSYS/SUPPLY

Tsy futures remain well bid, but off midmorning highs ahead the $42B 2Y note auction (91282CGX3) at the top of the hour. WI is currently running around 3.995% vs. last month's tail:

  • March auction recap: Tsy futures held near session lows after $42B 2Y note auction (91282CGU9) tailed again: 3.954% high yield vs. 3.915% WI; 2.44x bid-to-cover vs. 2.61x prior.
  • Indirect take-up slipped to 52.80% vs. 62.04% prior month, direct take-up 24.17% vs. 22.99% prior, primary dealer take-up 23.03% vs. 14.97%,
  • Timing: Results for the latest 2Y note sale will available shortly after the competitive auctions closes at 1300ET.
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