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Preview $46B 5Y Note Auction


US Tsy $46B 5Y-Note auction (91282CHX2) at the top of the hour, WI currently running around 4.402%, 23.2bp rich vs. last month's tail:

  • July auction review: Tsy futures traded weaker after $43B 5Y note auction (91282CHE4) tailed: 4.170% high yield vs. 4.166% WI; 2.60x bid-to-cover vs. 2.52x in the prior month.
  • Indirect take-up at 64.38.71% vs. 68.1% prior; Direct take-up 22.13% vs. 18.43% prior; Primary dealer take-up 13.49% vs. 12.21%.
  • Timing: Results for the latest 5Y note sale will available shortly after the competitive auctions closes at 1300ET.

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