Sunday , June 16 2019

The US treasury to auction off $24 billion of 10 year notes at the top of the hour

2nd leg of the auctions this week
The US treasuries auction off US$24 billion of 10 year notes at the top of the hour.  THe current WI is trading at 2.13%
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related posts
  • 2 and 5 year auctions were mixed yesterday
    The US treasury will auction off $32B of 7-year notes at the top of the hour.  Yesterday, the treasury auctioned 2 and 5 year notes. The 2 year auction was stellers (high Bid to cover and negative tail).  The 5 year was not as great.  
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  • WI yield at option 2.125%
    – WI at auction 2.125%
    – High yield 2.144%. Tail 1.9 bps
    – Bid to cover 2.30x  vs 6-month average of 2.53X
    – Dealer 30.45% vs 17.2% average over 6 months 
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  • WI at 1.867% at auction time
    – High yield of 1.861% versus WI at 1.867%
    – Bid to cover 2.62x versus 2.48x last. 
    – Dealers take 30%
    – Directs accepted 13.4% versus 20.0% last
    Overall a very good auction.
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  • Yield on the sale slightly below expectations
    The US Treasury sold $41 billion in 5-year notes at 2.065%. That’s slightly lower than 2.067% in the WI market ahead of the sale.
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