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Review 2Y Note Auction: Weak, 3.9Bp Tail

US TSYS/SUPPLY

Tsy futures holding near recent session lows after $42B 2Y note auction (91282CGU9) tails again: 3.954% high yield vs. 3.915% WI; 2.44x bid-to-cover vs. 2.61x prior.

  • Indirect take-up slips to 52.80% vs. 62.04% prior month, direct take-up 24.17% vs. 22.99% prior, primary dealer take-up 23.03% vs. 14.97%,
  • Next 2Y auction is tentatively scheduled for April 25.

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