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Review 2Y Note Auction: Softest Sale Since Spring Shrugged Off

US TSYS/SUPPLY

The 2Y Note auction (CUSIP: 912821NQ4) tails by 1.1bp (4.887% high yield vs 4.876% when-issued yield), the first tail since July and the biggest since May's 1.5bp.

  • The peripheral statistics were relatively weak as well: 18.75% dealer takeup (highest since April, vs 14.75% 5-auction average), with bid/cover of 2.54x the softest since March (vs 2.79x 5-auction average).
  • Indirect takeup was 57.38% (lowest since March, vs 5-auction average of 65.2%), with directs taking 23.86% (highest since March, vs 20.05% 5-auction average).
  • Regardless, market reaction was relatively muted, with 2Y yields ticking up 1bp briefly on the results before moving back down toward fresh session lows.
  • The next 2Y auction is tentatively scheduled for December 26.
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