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Review 2Y Note Auction: Stops Through

US TSYS/SUPPLY
  • Tsy futures extend session highs but quickly recede to pre-auction levels after the $69B 2Y note auction (91282CLB5) stos through with 4.434% high yield vs. 4.455% WI; 2.81x bid-to-cover vs. 2.75x prior.
  • Indirect take-up at 76.57% vs. 65.5% prior, directs took 14.42% vs. 20.93% last month, primary dealer take-up 9.01% vs. 13.48% prior.
  • The next 2Y auction is tentatively scheduled for August 27.

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