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Preview Tsy 5Y Note Auction

US TSYS/SUPPLY

Size of the upcoming 5Y note (91282CCF6) auction is the fifth consecutive offering at $61B, up from $59B in December. While the 5Y auction has averaged a modest -0.2bp tail over the last five months, current 5Y yld is running around 0.795% vs. last month's high yield of 0.849%, pretty much in-line w/ 0.85% WI at the time.

  • Bid-to-covers have averaged around 2.33x in the last 5 months, with April at 2.31x vs. 2.39x high in December.
  • Indirect take-up was 57.79% in April, compared to the 5 month range of 57.03%-60.47% (58.08 5M avg). Primary dealers took down 24.51% last month, the lowest since 24.08% in October '20.
  • Direct take-up picked up climbed to 17.46% last month, well over the 16.11% 5M avg, but still shy of 17.96% in December, the highest in over a year.
  • The next 5Y auction is tentatively scheduled for June 23.
  • Timing: The 5Y note auction results will be available shortly after the competitive auctions closes at 1300ET.
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