June 27, 2022 15:26 GMT
Tsy $47B 2Y note sale at the bottom of the hour (91282CEX5), 2Y WI currently 3.070%, appr 55.1bp cheap to last month's 2.519% high yield stop.Tsy futures still offered, curves steeper w/ short end outperforming at the moment, 2s10 +3.091 at 8.961.
- May auction recap: Decent 2Y sale, Tsy futures held firmer (curves steeper) after $47B 2Y note auction (91282CER8) stopped through: 2.519% high yield vs. 2.526% WI; 2.61x bid-to-cover vs. last moth's 2.74x.
- Indirect take-up: recedes to 62.55% vs. 65.97% in April;
- Primary dealer take-up: 22.09% vs. 21.44% prio;
- Direct take-up: bounces to 15.35% vs. 12.60% prior
- Timing: The 2Y note results will available shortly after the competitive auctions closes at 1300ET.