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Preview $60B 2Y Note Auction

US TSYS/SUPPLY

Tuesday's $60B 2Y auction kicks off the week's $183B Tsy note supply, followed by $61B 5Y on Wednesday (includes $26B 2Y FRN), $62B 7Y on Thursday.

  • Today's 2Y note (91282CCD1) auction size is the fifth consecutive offering at $60B, up from $58B in December. The 2Y yield is currently running around 0.155% vs. 0.175% high yield achieved at April's 2Y auction (0.170% WI).
  • April's 2.34x bid-to-cover was the lowest since July '20, compares to 2.49x 5 month average.
  • Indirect take-up fell to 43.35% vs. 51.28% 5M avg, while direct bidders and primary dealers filled the extra take-up at 18.42% and 37.75% respectively.
  • The next 2Y auction is tentatively scheduled for June 22.
  • Timing: The 2Y note auction results will available shortly after the competitive auctions closes at 1300ET.
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