Free Trial

Review 2Y Auction, Stops Through

US TSYS/SUPPLY
  • Solid $45B 2Y auction: 3.105% high yields vs 3.021% WI; 2.58x bid-to-cover vs last month 2.51 and 5 auction average of 2.59.
  • Stops through 0.6bps after last month’s 0.7bp tail, albeit after selling off 2bps into the auction. It builds on the strong seasonal June performance for 2Y auctions, with 5 of the prior previous 17 stopping through and 8 on the screws.
  • Indirect bounces back to 62.04% after last month’s drop to 51.5% (5 auction av 60.1%) with primary dealer take falling back close to prior average (17.95% vs 17.25% av). Direct lowest since Feb auction at 20.01%.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.