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Review 5Y Note Auction: Tail

US TSYS/SUPPLY

Tsy futures recede after $43B 5Y note auction (91282CHK0) tails: 4.019% high yield vs. 4.012% WI; 2.52x bid-to-cover vs. 2.58x in the prior month.

  • Indirect take-up at 68.10% vs. 72.71% prior; Direct take-up 19.69% vs. 17.96% prior; Primary dealer take-up 12.21% vs. 9.34%.
  • The next 5Y auction is tentatively scheduled for Ju6 25.

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