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5Y Note Near On-the-Screws, Tsys Hold range

US TSYS/SUPPLY

The $61B 5Y note (91282CBW0) auction came in near on-the-screws with high yield of 0.849% vs. 0.850% WI.

  • bid-to-cover lowest since July 2020 at 2.31x vs. 2.34x 5 month average.
  • Indirects take-up little better than 5 month average of 57.81% at 57.93% (58.03% in March); direct bidder take-up at 17.51%, primary dealer take-up of 24.96% well below 5-month average of 26.66%.
  • The next 5Y auction is tentatively scheduled for May 26.

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