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2Y Auction ​Review: Small Stop

US TSYS/SUPPLY

Tsy futures holding near top of session range/mixed with 2s and 5s still mildly weaker after $60B 2Y note auction (91282CDD0) small stop with 0.481% high yield vs. 0.482% WI; 2.69x bid-to-cover bounce vs Sep's 2.28x (lowest since 2008) well over five auction avg: 2.54x.

  • Indirect take-up: bounces to 58.14% vs. 45.32% in Sep;
  • Primary dealer take-up: recedes to 19.55% from Sep high of 32.99%;
  • Direct take-up: climbs to 22.30%, highest since late 2019.
  • The next 10Y auction is tentatively scheduled for November 22.
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