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US sells USD 28bln of 2-year FRNs at a high discount margin of 0.099%

The auction of USD 28 billion in 2-year FRNs was conducted at a higher discount margin than the previous one, indicating a slight tightening in yield.

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US sells USD 28bln of 2-year FRNs at a high discount margin of 0.099%

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  • High Discount Margin: 0.099% (prev. 0.10%, six-auction average 0.17%)
  • B/C: 3.01x (prev. 3.16x, six-auction average 3.32x)
  • Dealer: 41.5% (prev. 34.26%, six-auction average 30.53%)
  • Direct: 0.7% (prev. 0.00%, six-auction average 0.76%)
  • Indirect: 57.8% (prev. 65.74%, six-auction average 68.71%)
Context

The bid-to-cover ratio dropped, suggesting weaker demand compared to past auctions, while dealer participation increased significantly. These dynamics could indicate shifting market sentiment regarding short-term credit risk and implications for yield curves moving forward.

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