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Preview $44B 5Y Note Auction

US TSYS/SUPPLY

US Tsy $44B 5Y-Note auction (91282CFM8) at the top of the hour, WI currently running around 4.187%, 95.7bp cheaper to last month's tail.

  • August auction review: Tsy futures held near midday lows after $45B 5Y note auction (91282CFH9) tailed: 3.230% high yield vs. 3.217% WI; 2.30x bid-to-cover vs. 2.46x in July.
    • Indirect take-up receded to 61.18% vs. 66.37% high prior; Direct take-up climbed to 18.22% vs. 16.81% prior; Primary dealer take-up 20.61% vs. 16.81%.
  • Timing: The 5Y note results will available shortly after the competitive auctions closes at 1300ET.
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US Tsy $44B 5Y-Note auction (91282CFM8) at the top of the hour, WI currently running around 4.187%, 95.7bp cheaper to last month's tail.

  • August auction review: Tsy futures held near midday lows after $45B 5Y note auction (91282CFH9) tailed: 3.230% high yield vs. 3.217% WI; 2.30x bid-to-cover vs. 2.46x in July.
    • Indirect take-up receded to 61.18% vs. 66.37% high prior; Direct take-up climbed to 18.22% vs. 16.81% prior; Primary dealer take-up 20.61% vs. 16.81%.
  • Timing: The 5Y note results will available shortly after the competitive auctions closes at 1300ET.