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US TSYS/SUPPLY: Preview $70B 5Y Note Auction

US TSYS/SUPPLY
USGlobalBulletMarketsFixed Income BulletsRegionNorth America
  • Tsy futures hold moderately lower ahead this afternoon's $70B 5Y note auction (91282CLN9) at 1300ET. WI is currently running at 3.515%, 13bp rich to last month's tail.
  • August auction recap: Treasury futures were little changed after the $70B 5Y Note auction tailed by 0.3bp, on a high yield of 3.645% vs a when-issued yield of 3.642%. The lack of market reaction befits the habitual tail for 5s: marking the 6th tail in 8 auctions this year and 4 in the last 5.
  • The peripheral stats were more positive: bid/cover was 2.41x, the highest since March, with the dealer takeup of just 13.2% likewise the lowest since March. Directs took down 16.3% - a 3-month low, but one of the lowest figures since the start of 2022 (well below the 18.2% average in that time). Indirects took 70.5%, the highest since December 2023 - a potential indication of solid foreign demand.
  • Timing: Results for the latest 5Y note sale will be available shortly after the competitive auction close at 1300ET.

 

 

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  • Tsy futures hold moderately lower ahead this afternoon's $70B 5Y note auction (91282CLN9) at 1300ET. WI is currently running at 3.515%, 13bp rich to last month's tail.
  • August auction recap: Treasury futures were little changed after the $70B 5Y Note auction tailed by 0.3bp, on a high yield of 3.645% vs a when-issued yield of 3.642%. The lack of market reaction befits the habitual tail for 5s: marking the 6th tail in 8 auctions this year and 4 in the last 5.
  • The peripheral stats were more positive: bid/cover was 2.41x, the highest since March, with the dealer takeup of just 13.2% likewise the lowest since March. Directs took down 16.3% - a 3-month low, but one of the lowest figures since the start of 2022 (well below the 18.2% average in that time). Indirects took 70.5%, the highest since December 2023 - a potential indication of solid foreign demand.
  • Timing: Results for the latest 5Y note sale will be available shortly after the competitive auction close at 1300ET.