US TREASURY AUCTION CALENDAR: 5Y Stops Through

Tsy futures pared losses (TYH5 trades 108-13 last, -2) after $70B 5Y note auction (91282CMD0) stopped 0.2bp through (second consecutive stop since June): drawing 4.478% high yield vs. 4.480% WI; 2.40x bid-to-cover vs. 2.43x for the prior auction.
Peripheral stats show indirect take-up rising to 67.27% vs. 64.12% prior, directs at 20.26% vs. 24.58% prior (highest since Jul 2014), primary dealer take-up 12.47% vs. 11.30% prior.
The next 5Y auction is tentatively scheduled for January 27.

Date	Time	Amt	Security	Cusip, Yield
24-Dec	1130ET	$28B	2Y FRN	(91282CLT6), 0.14% vs. 0.17% prior
24-Dec	1300ET	$70B	5Y Note	(91282CMD0), 4.478% vs. 4.480% WI
26-Dec	1130ET	$75B	4W Bills	(912797MZ7)
26-Dec	1130ET	$70B	8W Bills	(912797NJ2)
26-Dec	1130ET	$64B	17W Bills	(912797PB7)
26-Dec	1300ET	$44B	7Y Note	(91282CMC2)

30-Dec	1130ET	TBA	13W Bills	26-Dec
30-Dec	1130ET	TBA	26W Bills	26-Dec
2-Jan	1130ET	TBA	4W Bills	31-Dec
2-Jan	1130ET	TBA	8W Bills	31-Dec
2-Jan	1130ET	TBA	17W Bills	31-Dec

6-Jan	1130ET	TBA	13W Bills	2-Jan
6-Jan	1130ET	TBA	26W Bills	2-Jan
7-Jan	1300ET	TBA	3Y Note	2-Jan
8-Jan	1300ET	TBA	10Y Note R/O	2-Jan
9-Jan	1300ET	TBA	30Y Bond R/O	2-Jan

22-Jan	1300ET	TBA	20Y Bond R/O	16-Jan
23-Jan	1300ET	TBA	10Y TIPS	16-Jan

27-Jan	1130ET	TBA	2Y Note	23-Jan
27-Jan	1300ET	TBA	5Y Note	23-Jan
28-Jan	1130ET	TBA	2Y FRN	23-Jan
28-Jan	1300ET	TBA	7Y Note	23-Jan

11-Feb	1300ET	TBA	3Y Note	5-Feb
12-Feb	1300ET	TBA	10Y Note	5-Feb
13-Feb	1300ET	TBA	30Y Bond	5-Feb

19-Feb	1300ET	TBA	20Y Bond	13-Feb
20-Feb	1300ET	TBA	30Y TIPS	13-Feb

24-Feb	1300ET	TBA	2Y Note	20-Feb
25-Feb	1300ET	TBA	5Y Note	20-Feb
26-Feb	1300ET	TBA	2Y FRN R/O	20-Feb
26-Feb	1300ET	TBA	7Y Note	20-Feb

11-Mar	1300ET	TBA	3Y Note	6-Mar
12-Mar	1300ET	TBA	10Y Note R/O	6-Mar
13-Mar	1300ET	TBA	30Y Bond R/O	6-Mar

18-Mar	1300ET	TBA	20Y Bond R/O	13-Mar
20-Mar	1300ET	TBA	10Y TIPS R/O	13-Mar

25-Mar	1300ET	TBA	2Y Note	20-Mar
26-Mar	1300ET	TBA	2Y FRN R/O	20-Mar
26-Mar	1300ET	TBA	5Y Note	20-Mar
27-Mar	1300ET	TBA	7Y Note	20-Mar

8-Apr	1300ET	TBA	3Y Note	3-Apr
9-Apr	1300ET	TBA	10Y Note R/O	3-Apr
10-Apr	1300ET	TBA	30Y Bond R/O	3-Apr

16-Apr	1300ET	TBA	20Y Bond R/O	10-Apr
17-Apr	1300ET	TBA	5Y TIPS	10-Apr

22-Apr	1300ET	TBA	2Y Note	17-Apr
23-Apr	1300ET	TBA	2Y FRN	17-Apr
23-Apr	1300ET	TBA	5Y Note	17-Apr
24-Apr	1300ET	TBA	7Y Note	17-Apr

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Tsy futures pared losses (TYH5 trades 108-13 last, -2) after $70B 5Y note auction (91282CMD0) stopped 0.2bp through (second consecutive stop since June): drawing 4.478% high yield vs. 4.480% WI; 2.40x bid-to-cover vs. 2.43x for the prior auction.
Peripheral stats show indirect take-up rising to 67.27% vs. 64.12% prior, directs at 20.26% vs. 24.58% prior (highest since Jul 2014), primary dealer take-up 12.47% vs. 11.30% prior.
The next 5Y auction is tentatively scheduled for January 27.

Date	Time	Amt	Security	Cusip, Yield
24-Dec	1130ET	$28B	2Y FRN	(91282CLT6), 0.14% vs. 0.17% prior
24-Dec	1300ET	$70B	5Y Note	(91282CMD0), 4.478% vs. 4.480% WI
26-Dec	1130ET	$75B	4W Bills	(912797MZ7)
26-Dec	1130ET	$70B	8W Bills	(912797NJ2)
26-Dec	1130ET	$64B	17W Bills	(912797PB7)
26-Dec	1300ET	$44B	7Y Note	(91282CMC2)

30-Dec	1130ET	TBA	13W Bills	26-Dec
30-Dec	1130ET	TBA	26W Bills	26-Dec
2-Jan	1130ET	TBA	4W Bills	31-Dec
2-Jan	1130ET	TBA	8W Bills	31-Dec
2-Jan	1130ET	TBA	17W Bills	31-Dec

6-Jan	1130ET	TBA	13W Bills	2-Jan
6-Jan	1130ET	TBA	26W Bills	2-Jan
7-Jan	1300ET	TBA	3Y Note	2-Jan
8-Jan	1300ET	TBA	10Y Note R/O	2-Jan
9-Jan	1300ET	TBA	30Y Bond R/O	2-Jan

22-Jan	1300ET	TBA	20Y Bond R/O	16-Jan
23-Jan	1300ET	TBA	10Y TIPS	16-Jan

27-Jan	1130ET	TBA	2Y Note	23-Jan
27-Jan	1300ET	TBA	5Y Note	23-Jan
28-Jan	1130ET	TBA	2Y FRN	23-Jan
28-Jan	1300ET	TBA	7Y Note	23-Jan

11-Feb	1300ET	TBA	3Y Note	5-Feb
12-Feb	1300ET	TBA	10Y Note	5-Feb
13-Feb	1300ET	TBA	30Y Bond	5-Feb

19-Feb	1300ET	TBA	20Y Bond	13-Feb
20-Feb	1300ET	TBA	30Y TIPS	13-Feb

24-Feb	1300ET	TBA	2Y Note	20-Feb
25-Feb	1300ET	TBA	5Y Note	20-Feb
26-Feb	1300ET	TBA	2Y FRN R/O	20-Feb
26-Feb	1300ET	TBA	7Y Note	20-Feb

11-Mar	1300ET	TBA	3Y Note	6-Mar
12-Mar	1300ET	TBA	10Y Note R/O	6-Mar
13-Mar	1300ET	TBA	30Y Bond R/O	6-Mar

18-Mar	1300ET	TBA	20Y Bond R/O	13-Mar
20-Mar	1300ET	TBA	10Y TIPS R/O	13-Mar

25-Mar	1300ET	TBA	2Y Note	20-Mar
26-Mar	1300ET	TBA	2Y FRN R/O	20-Mar
26-Mar	1300ET	TBA	5Y Note	20-Mar
27-Mar	1300ET	TBA	7Y Note	20-Mar

8-Apr	1300ET	TBA	3Y Note	3-Apr
9-Apr	1300ET	TBA	10Y Note R/O	3-Apr
10-Apr	1300ET	TBA	30Y Bond R/O	3-Apr

16-Apr	1300ET	TBA	20Y Bond R/O	10-Apr
17-Apr	1300ET	TBA	5Y TIPS	10-Apr

22-Apr	1300ET	TBA	2Y Note	17-Apr
23-Apr	1300ET	TBA	2Y FRN	17-Apr
23-Apr	1300ET	TBA	5Y Note	17-Apr
24-Apr	1300ET	TBA	7Y Note	17-Apr

MNI: PBOC Net Drains CNY195.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1868 Weds; -2.18% Y/Y

MNI China Daily Summary: Tuesday, December 24

MNI: JAPAN NOV SERVICES PPI +3.0% Y/Y; OCT UNREV +2.9%

MNI: PBOC Net Drains CNY291.3 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1876 Tues; -2.11% Y/Y

MNI: US REDBOOK: DEC STORE SALES +5.0% V YR AGO MO

MNI: US DEC PHILADELPHIA FED NONMFG INDEX -6

EZ/UK Bond Supply Calendar: BOE APF Sales Due 6 January

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

GERMANY: Kukies Considers Potential Non-Implementation Of 2024 Suppl' Budget

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

Real-time Actionable Insight

MNI: PBOC Net Drains CNY195.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1868 Weds; -2.18% Y/Y

MNI ASIA OPEN: Late Rate & Stock Rally, 5Y Sale Well Received

MNI ASIA MARKETS ANALYSIS: Tsys Rebound Late Session Highs

Oil Products Summary at European Close: Gasoline Crack Rises

US TREASURY AUCTION CALENDAR: 5Y Stops Through

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