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Preview $54B 2Y Note Auction

US TSYS/SUPPLY

Tsy $54B 2Y note sale at the top of the hour (91282CDV0), 2Y WI currently 1.007%, 23.8bp cheaper to last month's 0.769% high yield. Risk-off support for Tsy futures all session, 30Y Bond off highs.

  • December auction recap: muted reaction to weak 2Y sale, Tsy futures remained mixed, short end weaker after $56B 2Y note auction (91282CDR9) tailed: 0.769% high yield vs. 0.762% WI; 2.55x bid-to-cover outpaces Nov's 2.36x and well over five auction avg: 2.49x.
    • Indirect take-up: rebounds to year high of 61.39% vs. 45.62% in November;
    • Primary dealer take-up: recedes to 24.22% vs. 37.21%;
    • Direct take-up: lowest since Feb at 14.39% vs. 17.17% last month.

Timing: The 2Y note results will available shortly after the competitive auctions closes at 1300ET.

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