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Preview $61B 5Y Note Auction

US TSYS/SUPPLY

$61B 5Y-Note auction (91282CDG3) at the top of the hour, WI currently running around 1.177%, appr 18.7bp cheaper to last Sep's 0.990% high yield.

Sep auction recap: Treasury futures held narrow ranges on mildly lower levels following the small stop (0.990% vs. 0.994% WI); 2.37x bid-to-cover vs. 2.35x prior

  • Indirect take-up: 54.3%, 2021 Low
  • Primary dealer take-up: 25.5%; Direct take-up: 20.2%
Timing: The 5Y note results will available shortly after the competitive auctions closes at 1300ET. The next 5Y auction is tentatively scheduled for November 22.

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