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US sold USD 69bln of 2-yr notes; stop-through 1.4bps

The recent auction of USD 69 billion in 2-year notes achieved a stop-through of 1.4 basis points, indicating strong demand relative to prior auctions.

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  • High Yield: 3.580% (prev. 3.499%, six-auction avg. 3.604%); WI: 3.594%
  • Tail: -1.4bps (prev. 0.2bps, six-auction avg. -0.3bps)
  • Bid-to-Cover: 2.75x (prev. 2.54x, six-auction avg. 2.6x)
  • Dealers: 7.3% (prev. 12.7%, six-auction avg. 11.2%)
  • Directs: 28.3% (prev. 34.1%, six-auction avg. 33.0%)
  • Indirects: 64.4% (prev. 53.2%, six-auction avg. 55.9%)
Context

The bid-to-cover ratio improved, suggesting increased appetite from investors despite a slight rise in yields, with indirect bidders, including foreign buyers, taking a significant share. This could signal a more favorable outlook for short-term debt and influences future rate expectations in the broader market.

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