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Preview Tsy 2Y Note Auction

US TSYS/SUPPLY

Busy Tsy auction scheduling to accommodate the FOMC policy annc on Wednesday, April 28: 2s and 5s staggered with 13W and 26W bills on today, 2Y FRN leads off Tuesday followed by 7Y note.

  • Upcoming 2Y note (91282CBX8) auction size is the fourth consecutive offering at $60B, up from $58B in December. The 2Y yield is currently running around 0.167% vs. 0.152% high yield achieved at last month's 2Y auction (0.152% WI).
  • The March auction's bid-to-cover of 2.54x was very near the 2.56x 5 month average.
  • Indirects take-up receded to 50.52% from 57.00% high in February, direct bidders and primary dealers filled the extra take-up at 17.52% and 31.62% respectively.
  • The next 2Y auction is tentatively scheduled for May 24
  • Timing: The 2Y note will be auctioned alongside the 26W bill with results available shortly after the competitive auctions closes at 1130ET.
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