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Preview Tsy 5Y Note Auction

US TSYS/SUPPLY

Size of the upcoming 5Y note (91282CCJ8) auction is the sixth consecutive offering at $61B, up from $59B in December '20. Decent performance over the last two auctions has pushed the 5-month averaged from a modest -0.2bp tail to 0.0. Current 5Y yld is running around 0.887% vs. last month's high yield of 0.788% vs. 0.795% WI at the time.

  • Bid-to-covers have averaged 2.35x over the last 5 months, with May's 2.49x the highest since 2.52x in September '20.
  • Indirect take-up surged to 64.351% in May, well above the 5 month average of 59.50% and highest since August '20s 66.22%. Primary dealers take down continued to ebb: 20.78% last month, the lowest since 20.67% in September '20.
  • Direct take-up slipped to 14.87% vs. April's high of 17.46%, and well under the 15.48% 5M avg.
  • The next 5Y auction is tentatively scheduled for July 27.
  • Timing: The 5Y note auction results will be available shortly after the competitive auctions closes at 1300ET.
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