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Preview $56B 2Y Note Auction

US TSYS/SUPPLY

Tsy $56B 2Y note sale at the top of the hour (91282CDR9), 2Y WI currently at 0.767%, 14.4bp cheaper to last month's 0.623% high yield. Tsy futures mixed with short end underperforming all day amid pre-auction short sets. November auction recap:

  • Tsy futures extending session lows after $58B 2Y note auction (91282CDM0) tailed with 0.623% high yield vs. 0.610% WI; 2.36x bid-to-cover drops vs Oct's 2.69x well over five auction avg: 2.54x.
    • Indirect take-up: fell to 45.62% vs. 58.14% in Oct;
    • Primary dealer take-up: surged to 37.21% (highest since April);
    • Direct take-up: fell to 17.17% vs 22.30% in Oct (highest since late 2019).

Timing: The 2Y note results will available shortly after the competitive auctions closes at 1300ET. The next 2Y auction is tentatively scheduled for January 24.

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