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US TSYS/5Y: Update: the 5-year note auction result yield means that the 5-year
auction became an unscheduled reopening of the Nov. 30, 2022 7-year note
- FTN Financial's Jim Vogel said the 5-year note auction award "at 2.066% vs
2.067% immediately prior to the sale and 2.065% 30 mins earlier. Dealers only
own 22.8%, so no hangover from aggressive 2-yr auction today."
- He added that the "bid/cover at 2.46x is strong as is allotment at high yield
of only 13%. Directs also showed big, likely in part due to extraordinarily high
cost of reverse repo on shorting the cash note (-3%)."