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Preview $61B 5Y Note Auction

US TSYS/SUPPLY

US Tsy $61B 5Y-Note auction (91282CJW2) at the top of the hour, WI is currently 4.047%, 24.6bp cheap vs. last month's high yield stop:

  • December auction review: Tsys extended session highs (5Y yield slips to 3.7919% low) after $58B 5Y note auction (91282CJR3) stopped through: 3.801% high yield vs. 3.812% WI; 2.50x bid-to-cover vs. 2.46x in the prior month.
  • Dealer take-up receded to 14.04% vs 16.85% in November, in-line with the 5-auction average of 14.0%. Indirect take-up: 70.6% vs 65.52% prior, directs 15.36% vs 17.63% prior.
  • Timing: Results for the latest 5Y note sale will available shortly after the competitive auctions closes at 1300ET.

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