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Traders downplayed relatively soft 2Y....>

US TSYS/5Y
US TSYS/5Y: Traders downplayed relatively soft 2Y auction meaning for Tsys
demand and today's 1pm ET 5Y note auction, saying volume muted as late summer,
many out on vacations, and UK out for bank holiday. The 5Y note auction appears
to have some shorts already, as it has been tight in RP in recent action.  
- Jefferies economist Tom Simons said 2Y auction "stopped 0.1 bps above the
11:30AM WI bid at 1.345%. This is the first tail in a 2-year auction since
January 2017. Tails in 2-year auctions have been exceptionally rare over the
past 3 years." 
- Simons said "timing of the auction was a bit awkward. Because of the
settlement of this week's coupon auctions on Thursday and the policy of
maintaining at least a full day between auctions and settlement, Treasury has
condensed the 2-, 5-, and 7-year auction schedule into just 2 days. It's
possible that the timing had a negative impact on buyside demand. The 2.86 bid
cover is the lowest since April." 
- HISTORY: July $34B 5Y auction drew a 1.884% high yld, 1.875% cpn, 2.58 cover,
strong 68.8% indirects, 6.2% directs, low 24.1% dealers.

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