US Treasury Auction Calendar

Auction recap for week of Feb 7-11:

• Treasury futures held weaker but holding inside range after $50B 3Y note auction (91282CDZ1) comes in on the screws: 1.592% high yield vs. 1.592% WI; 2.45x bid-to-cover vs. 2.47x last month.
  • Indirect take-up surges to new year high of 68.55% vs. last month's high of 61.65%, while direct bidder take-up falls to 11.14% (15.511% Jan). Primary dealer take-up recedes to 20.31% vs. 22.84% in Jan, well under the 5M average of 28.06%.

• Tsy futures extends session highs after strong $37B 10Y note auction (91282CDY4) trades through 2.3bp: 1.904% high yield vs. 1.927% WI; 2.68x bid-to-cover better than last month's 2.43x but still shy a 2.51x 5-month average.
  • Indirect take-up surges to 77.56% vs. 65.53% last month (lowest since July '21); direct bidder take-up falls to 15.00% vs. 17.86%, while primary dealer take-up shrinks to record low of 7.44% vs. 16.61% prior.

• Tys whipsaw after $23B 30Y auction tail (912810TD0), climbing off lows after yields surged on StL Fed Bullard aired opinion over 50Bp hike in March and chance of intermeeting move to address rising inflation. Bond sale drew 1.3bp tail on 2.340% high yield vs. 2.327% WI; 2.30x bid-to-cover vs. 2.35x last month (2.29x 5-month average).
  • Indirect take-up climbs to 67.95% vs. 64.98% in Jan; direct bidder take-up 17.75% vs. 17.08% prior, while primary dealer take-up falls to 14.30% vs. 17.95%.

Aside from weekly bill sales, US Tsy auctions for the week ahead: $19B 20Y, $23B 30Y.