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US TSYS/SUPPLY: Review 5Y Auction: Second Consecutive Stop, Tsys Pare Losses

US TSYS/SUPPLY
USBulletMarketsFixed Income BulletsNorth America
  • Tsy futures paring losses (TYH5 trades 108-13 last, -2) after $70B 5Y note auction (91282CMD0) stopped 0.2bp through (second consecutive stop since June): drawing 4.478% high yield vs. 4.480% WI; 2.40x bid-to-cover vs. 2.43x for the prior auction.
  • Peripheral stats show indirect take-up rising to 67.27% vs. 64.12% prior, directs at 20.26% vs. 24.58% prior (highest since Jul 2014), primary dealer take-up 12.47% vs. 11.30% prior.
  • The next 5Y auction is tentatively scheduled for January 27.
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  • Tsy futures paring losses (TYH5 trades 108-13 last, -2) after $70B 5Y note auction (91282CMD0) stopped 0.2bp through (second consecutive stop since June): drawing 4.478% high yield vs. 4.480% WI; 2.40x bid-to-cover vs. 2.43x for the prior auction.
  • Peripheral stats show indirect take-up rising to 67.27% vs. 64.12% prior, directs at 20.26% vs. 24.58% prior (highest since Jul 2014), primary dealer take-up 12.47% vs. 11.30% prior.
  • The next 5Y auction is tentatively scheduled for January 27.