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Review 2Y Note Auction Tails

US TSYS/SUPPLY

Tsy futures pare gains after $44B 2Y note auction (91282CFG1) tailed: 3.307% high yield vs. 3.290% WI; 2.49x bid-to-cover vs. 2.58x prior.

  • Indirect take-up recedes to 59.73% vs. 62.04% last month, primary dealer take-up 17.31 vs. 17.95%, direct take-up bounces to 22.95 vs. 20.01%.
  • Next 2Y auction (re-open) is tentatively scheduled for September 26.

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