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Review Tsy 2Y Note

US TSYS/SUPPLY

Small stop -- Tsy futures bounce slightly off lows, still holding narrow overall range after the $60B 2Y (91282CCN9) note draws 0.213% vs. 0.215% WI.

  • Bid-to-cover was 2.47x, shy of the 5 month average of 2.52x.
  • Indirect take-up climbs to 52.76% from 50.63% in June (51.85% 5M avg); direct bidder take-up of 21.26% continues to outpace the 5M avg of 16.92%; primary dealer take-up recedes to 25.98% vs. 5-month average of 31.23%.

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