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Review 2Y Note Auction: Weak

US TSYS/SUPPLY

Tsy futures inch lower, modest selling after weak $42B 2Y note auction (91282CGN5) tails: 4.673% high yield vs. 4.667% WI; 2.61x bid-to-cover vs. 2.94x prior.

  • Indirect take-up slips to 62.04% vs. 64.99% prior month, direct take-up 22.99% vs. 18.73% prior, primary dealer take-up 14.97% vs. 16.28%,
  • Next 2Y auction is tentatively scheduled for March 27.

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