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US Tsy 3Y Auction Preview, Highest WI Since April 2020

US TSYS/SUPPLY
WI currently running 0.360% / 0.355%, highest since April 2020 and well above last months $58B 3Y auction that drew 0.196% high yield and 2.39% bid/cover.
  • Market participants watching closely after the 7Y Tsy note auction tailed 4bp on Feb 25 (high yield of 1.195% vs. 1.155% WI) sending rates sharply lower.
  • Cantor Fitzgerald strategist Justin Lederer expects there to be "willing buyers" today, but conceded he "would not be surprised by a slightly weaker auction given the recent tone in the market (albeit shorter maturities should remain more anchored)."
  • SoGen strategists view the 3Y as fair vs. 2s and 5s while they are "neutral" on the auction. "Although the 3s10s curve has significantly steepened since the last 3y auction, it flattened by more than 8bp since this Monday. A continuation of the flattening leading into the auction would benefit the 3y sector on an RV basis."
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