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Preview $58B 2Y Note Auction


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.

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