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Review 5Y Supply: Trades Through With FOMC Tomorrow

US TSYS/SUPPLY
  • Solid $46B 5Y auction: 2.860% high yields vs 2.870% WI; decent demand with 2.46x bid-to-cover vs last month 2.28 and 5 auction average of 2.43.
  • Stops through 1.0bp after last month’s particularly large 3.4bp tail, the first through since March.
  • Indirect take bounces strongly to 66.37% (highest since Feb) after month’s drop to 56.47% and 5 auction av 62.3%, whilst primary dealer and direct takes are lowest since April and Jan respectively (both 16.81%).

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