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Review $43B 5Y Note Auction, Small Tail

US TSYS/SUPPLY

Tsy futures holding near session lows (shifted lower on crude oil production cut denial from Saudis) after $43B 5Y note auction (91282CFZ9) small tail: 3.974% high yield vs. 3.970% WI; 2.39x bid-to-cover vs. 2.48x the prior month.

  • Indirect take-up at 66.22% vs. 67.98% prior; Direct take-up 18.71% vs. 15.56% prior; Primary dealer take-up 15.07% vs. 16.46%.
  • The next 5Y auction is tentatively scheduled for December 28.

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