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Preview Tsy 3Y Note Auction

US TSYS/SUPPLY

Tsy futures trading mostly higher, off highs with the short end underperforming ahead of the $42B 3Y note auction (91282CHU8) at the top of the hour. WI is currently at 4.420%, 11.4bp rich to last month's in-line auction.

  • July auction recap: Treasury futures held mixed, short end weaker but off lows after in-line $40B 3Y note auction (91282CHM6): 4.534% high yield vs. 4.535% WI; 2.88x bid-to-cover vs. 2.70x in the prior month.
  • Indirect take-up climbed to 69.43% vs. 61.53% prior; direct bidder take-up at 19.79% vs. 21.74% prior; primary dealer take-up 10.78% vs. 16.74%.
  • Timing today's 3Y note sale: results will available shortly after the competitive auctions closes at 1300ET.

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