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Preview Tsy $60B 2Y Note Auction

US TSYS/SUPPLY
WI running 0.220% / 0.210% ahead today's $60B 2Y Note auction (91282CCN9) -- approximately 3.5bp rich to last month's high yield. Average high yield has averaged 0.169% over the last 5 auctions, compares to 0.119% low on Feb 23.
  • Review: the June 22 $60B 2Y Note (91282CCK5) drew 0.249% vs. 0.244% WI: Tsys held narrow range after the 2Y note auction tailed, finishing near the top end of the session range.
  • Bid-to-cover was 2.54x, slightly better than the 5 month average of 2.52x.
  • Indirect take-up receded to 50.63% from 57.06% in May (51.85% 5M avg); direct bidder take-up of 18.49% continues to outpace the 5M avg of 16.92%; 30.88% primary dealer take-up shy of the 5-month average of 31.23%.
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