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Preview $45B 2Y Note Auction

US TSYS/SUPPLY

Tsy futures still mostly firmer, intermediates off early session highs ahead the $45B 2Y note auction (91282CHV6) at the bottom of the hour. WI is currently running around 5.042%, 21.9bp cheap vs. last month's tail:

  • July auction recap: Tsy futures pared losses after the $42B 2Y note auction (91282CHD6) tailed: 4.823% high yield vs. 4.820% WI; 2.78x bid-to-cover vs. 2.86x prior.
  • Indirect take-up climbed to 65.45% vs. 68.49% prior month, direct take-up 20.77% vs. 18.17% prior, primary dealer take-up 13.79% vs. 13.34%,
  • Timing: Results for the latest 2Y note sale will available shortly after the competitive auctions closes at 1130ET.

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