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Preview Tsy 3Y Note Auction

US TSYS/SUPPLY

Tsy coupon sales kick off shortened week with $46B 3Y-Note (91282CEH0) at the top of the hour, $2B less than the prior 3Y. WI is currently running around 2.735%, way cheaper than last month's 1.775% high yield. March auction recap:

  • Treasury futures traded weaker/near lows after $48B 3Y note auction (91282CED9) tailed slightly: 1.775% high yield vs. 1.765% WI; 2.39x bid-to-cover vs. 2.45x last month.
  • Indirect take-up receded to 55.09% vs. Feb's year high of 68.55%; while direct bidder take-up climbed to 18.60% vs. 11.14% in Feb (15.51% Jan) and primary dealer take-up climbed to 26.31% vs. 20.31% in Feb.
  • Timing: The 3Y note sale results will available shortly after the competitive auctions closes at 1300ET.
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