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Preview $64B 5Y Note Auction

US TSYS/SUPPLY
  • Tsy futures hold moderately weaker levels ahead this morning's $64B 5Y note auction (91282CKD2) at 1300ET. WI is currently running at 4.037%, 1.8bp cheap to last month's auction tail.
  • January auction recap: Tsys gapped lower/tested lows (5Y yield rose to 4.0671%) after $61B 5Y note auction (91282CJW2) tailed: 4.055% high yield vs. 4.035% WI; 2.31x bid-to-cover vs. 2.50x in the prior month.
  • Dealer take-up climbed to 20.37% vs 14.04% in December. Indirect take-up: 60.94% vs 70.6% prior, directs 18.69% vs 15.36% prior.
  • Timing: Results for the latest 5Y note sale will be available shortly after the competitive auction close at 1300ET.

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