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Preview Tsy 3Y Note Auction

US TSYS/SUPPLY

US Tsy coupon sales kicks off week with $52B 3Y-Note (91282CDS7) at the top of the hour. WI is currently running around 1.240%, appr 24.0bp cheaper to last month's high yield. December auction recap:

  • Treasury futures held near lows after $54B 3Y note auction (91282CDN8) small stop through: 1.000% high yield vs. 1.002% WI; 2.43x bid-to-cover in-line with 5-auction average and better than Nov's 2.33x.
    • Indirect take-up dipped to 52.17% vs. last month's year high of 57.62%, while direct bidder take-up holds near 1+ year high at 18.01% (18.04% Nov). Primary dealer take-up bounces to 29.81% vs. 24.34% in Nov, over the 5M average of 28.06%.

Timing: The 3Y note sale results will available shortly after the competitive auctions closes at 1300ET. The next 3Y auction is tentatively scheduled for February 8.

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