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Review $55B 5Y Note Auction, Strong

US TSYS/SUPPLY

Tsy futures still mildly weaker, holding near middle of session range with mild short covering after $55B 5Y note auction (91282CDT5) stops through: 1.533% high yield vs. 1.547% WI; 2.50x bid-to-cover vs. December's 2.41x.

  • Indirect take-up: climbs to 68.72% vs. Dec's 2021 year high of 65.66%
  • Primary dealer take-up: recedes 14.80% vs. 20.02%; Direct take-up 16.48% vs. 14.32%.
  • The next 10Y auction is tentatively scheduled for February 23.

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