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Traders project the 11:30am ET US$...>

US TSYS/SUPPLY
US TSYS/SUPPLY: Traders project the 11:30am ET US$ $26B 2Y note auction draws a
1.344%-1.345% rate; WI 2Y is currently at 1.344% bid according to TradeWeb. 
- PROS: Tightness in 2Y, 5Y RP; overnight sales in 2Y, 5Y notes could have
auction-tied sales to prepare to buy new issueds. 
- CONS: Thin summer trade, UK bank holiday could trim demand. Doubled-up supply
of 2Y, 5Y auctions in one day a bit difficult to digest, but these are
relatively short maturities so not a big problem. 
- 2-YR HISTORY: The July 2017 2Y Auction drew 58.5% indirects, 17% directs and
24.64% dealers, and a 1.395% high yield and 3.06 bid/cover.

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