MNI BRIEF:NGEU To Lift Growth Less Than Expected -ECB Bulletin

MNI BRIEF: US Hiring, Pay Growth Continue Downshift- ADP

MNI BRIEF: EZ Short-Term Uncertainty Low, Long-Term High -ECB

MNI China Daily Summary: Wednesday, January 8

MNI: PBOC Net Injects CNY1.1 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1887 Weds; -2.33% Y/Y

EZ/UK T-Bill Calendar: Italy, UK Auction on Friday

EZ/UK Bond Supply Calendar: Portugal Syndication "Nr future"

US EIA:NAT GAS STORAGE -40 BCF TO 3,373 BCF JAN 03 WK

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

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

US TSYS/SUPPLY: 2Y Auction Review: Strongest Since July

US TSYS/SUPPLY
USBulletMarketsFixed Income BulletsNorth America

Treasuries have resumed earlier gains after a strong 2Y auction, with yields 1.5-2bps lower across the curve post-auction for now 8.3-12.4bp lower on the day.

  • Treasury sells $69bn of the 2Y at a high yield of 2.274% vs WI 2.292% (having sold off by ~1bp in the 3-mins heading into the auction).
  • The 1.8bp stop through is the largest since July.
  • The bid-to-cover was 2.77x vs 2.50x in Oct and a five-auction average at 2.67x – highest since July and before that Aug 2023.
  • Primary dealer take: 9.20% vs 17.93% in Oct and a five-auction average of 13.03% - lowest since July.
  • Indirects take: 71.63% vs 58.23% in Oct and a five-auction average of 67.39% - highest since July.
  • The belly shifts into focus ahead, with $70bn of 5Y following tomorrow (plus a 2Y FRN) before $44bn of 7Y on Wed.
135 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Treasuries have resumed earlier gains after a strong 2Y auction, with yields 1.5-2bps lower across the curve post-auction for now 8.3-12.4bp lower on the day.

  • Treasury sells $69bn of the 2Y at a high yield of 2.274% vs WI 2.292% (having sold off by ~1bp in the 3-mins heading into the auction).
  • The 1.8bp stop through is the largest since July.
  • The bid-to-cover was 2.77x vs 2.50x in Oct and a five-auction average at 2.67x – highest since July and before that Aug 2023.
  • Primary dealer take: 9.20% vs 17.93% in Oct and a five-auction average of 13.03% - lowest since July.
  • Indirects take: 71.63% vs 58.23% in Oct and a five-auction average of 67.39% - highest since July.
  • The belly shifts into focus ahead, with $70bn of 5Y following tomorrow (plus a 2Y FRN) before $44bn of 7Y on Wed.