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Preview $53B 5Y Note Auction

US TSYS/SUPPLY

$53B 5Y-Note auction (91282CEC1) at the top of the hour, WI currently running around 1.882%, 34.9bp cheaper to January's auction high yield.

  • January auction review:
  • Tsy futures held mildly weaker, near session mid-range with mild short covering after $55B 5Y note auction (91282CDT5) stopped through: 1.533% high yield vs. 1.547% WI; 2.50x bid-to-cover vs. December's 2.41x.
    • Indirect take-up: climbs to 68.72% vs. Dec's 2021 year high of 65.66%
    • Primary dealer take-up: recedes 14.80% vs. 20.02%; Direct take-up 16.48% vs. 14.32%.

Timing: The 5Y note results will available shortly after the competitive auctions closes at 1300ET.

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