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Review $44B 5Y Note Auction Tail

US TSYS/SUPPLY

Tsy futures extended session lows after $44B 5Y note auction (91282CFM8) tailed: 4.228% high yield vs. 4.202% WI; 2.27x bid-to-cover vs. 2.30x last month.

  • Indirect take-up receded to 59.58% vs. 61.18% prior; Direct take-up 18.70% vs. 18.22% prior; Primary dealer take-up 21.72% vs. 20.61%.
  • The next 5Y auction is tentatively scheduled for October 26.

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