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Preview Tsy 3Y Note Auction

US TSYS/SUPPLY

Tsy futures trading mixed with the short end still lagging ahead of the $46B 3Y note auction (91282CJC6) at the top of the hour. WI is currently at 4.732%, 7.2bp cheap to last month's tail.

  • September auction recap: Treasury futures traded weaker but off lows after $44B 3Y note auction (91282CHY0) tailed: 4.660% high yield vs. 4.647% WI; 2.75x bid-to-cover vs. 2.9x prior month.
  • Indirect take-up fell to 57.67% vs. 73.97% prior; direct bidder take-up climbed to 22.08% vs. 15.7% prior; primary dealer take-up 20.25% vs. 10.33% prior.
  • Timing today's 3Y note sale: results will available shortly after the competitive auctions closes at 1300ET.

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