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Review 5Y Auction: On The Screws


Little reaction to the day's second note auction comes out on the screws: $46B 5Y note auction (91282CHX2): 4.400% high yield vs. 4.400% WI; 2.54x bid-to-cover vs. 2.60x in the prior month

  • Indirect take-up at 67.92% vs. 64.38% prior; Direct take-up 18.25% vs. 22.13% prior; Primary dealer take-up 13.83% vs. 13.49%.
  • The next 5Y auction is tentatively scheduled for Sep 27.

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