Free Trial

Preview $58B 2Y Note Auction

US TSYS/SUPPLY

Busy auction schedule due to Thanksgiving holiday closure Thursday: $58B 2Y-Note auction (91282CDM0) kicks things off at 1130ET (in addition to $51B 26W bill sale), $59B 5Y Note auction (91282CDK4) follows at 1300ET (along w/ $57B 13W bill sale).
The 2Y WI is currently running around 0.602%, 12.1bp cheaper to Oct's 0.481% high yield. October recap:

  • Tsy futures held near top of session range/mixed with 2s and 5s still mildly weaker after $60B 2Y note auction's (91282CDD0) small stop: 0.481% high yield vs. 0.482% WI; 2.69x bid-to-cover bounce vs Sep's 2.28x (lowest since 2008) well over five auction avg: 2.54x.
    • Indirect take-up: bounced to 58.14% vs. 45.32% in Sep;
    • Primary dealer take-up: receded to 19.55% from Sep high of 32.99%;
    • Direct take-up: climbed to 22.30%, highest since late 2019.

Timing: The 2Y note results will available shortly after the competitive auctions closes at 1130ET. The next 2Y auction is tentatively scheduled for December 27.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.