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Preview $43B 5Y Note Auction

US TSYS/SUPPLY

US Tsy $43B 5Y-Note auction (91282CFZ9) at the top of the hour, WI currently running around 3.960%, 23.2bp richer to last month's trade-through.

  • October auction review: Tsy futures climbed back near session highs after $43B 5Y note auction (91282CFU0) traded through: 4.192% high yield vs. 4.207% WI; 2.48x bid-to-cover vs. 2.27x the prior month.
  • Indirect take-up climbed to 67.98% vs. 59.58% prior; Direct take-up 15.56% vs. 18.70% prior; Primary dealer take-up 16.46% vs. 21.72%.
  • Timing: The 5Y note results will available shortly after the competitive auctions closes at 1300ET.

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