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Preview $43B 2Y Note Auction

US TSYS/SUPPLY

Tsy futures holding weaker by midday, yield curves steeper ahead today's $43B 2Y note auction (91282CFN6) at the top of the hour. WI is currently running around 4.275%, 96.8bp cheap to last month's tail.

  • August auction recap: Tsy futures pared gains after $44B 2Y note auction (91282CFG1) tailed: 3.307% high yield vs. 3.290% WI; 2.49x bid-to-cover vs. 2.58x prior.
  • Indirect take-up recedes to 59.73% vs. 62.04% last month, primary dealer take-up 17.31 vs. 17.95%, direct take-up bounces to 22.95 vs. 20.01%.
  • Timing: The 2Y note results will available shortly after the competitive auctions closes at 1300ET.
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Tsy futures holding weaker by midday, yield curves steeper ahead today's $43B 2Y note auction (91282CFN6) at the top of the hour. WI is currently running around 4.275%, 96.8bp cheap to last month's tail.

  • August auction recap: Tsy futures pared gains after $44B 2Y note auction (91282CFG1) tailed: 3.307% high yield vs. 3.290% WI; 2.49x bid-to-cover vs. 2.58x prior.
  • Indirect take-up recedes to 59.73% vs. 62.04% last month, primary dealer take-up 17.31 vs. 17.95%, direct take-up bounces to 22.95 vs. 20.01%.
  • Timing: The 2Y note results will available shortly after the competitive auctions closes at 1300ET.