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Preview $57B 2Y Note Auction

US TSYS/SUPPLY
  • Tsy futures hold mildly weaker levels in the short end ahead this afternoon's $57B 2Y note auction (91282CJS1) at 1300ET. WI is currently running at 4.317%, 57bp rich vs. last month's auction:
  • November auction recap: Muted reaction after the $54B 2Y Note sale tailed by 1.1bp (4.887% high yield vs 4.876% WI), the first tail since July and the largest since May's 1.5bp.
  • Peripheral statistics were relatively weak as well: 18.75% dealer take-up (highest since April, vs 14.75% 5-auction average), with bid/cover of 2.54x the softest since March (vs 2.79x 5-auction average).
  • Indirect take-up was 57.38% (lowest since March, vs 5-auction average of 65.2%), with directs taking 23.86% (highest since March, vs 20.05% 5-auction average).
  • Timing: Results for the latest 2Y note sale will be available shortly after the competitive auction close at 1300ET.

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