EU CREDIT RATING: Redeia: S&P Watch Negative
Jun-26 15:39
"Spain-Based Redeia On Watch Negative On Credit Implications From The Recent Blackout" - S&P...
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US TSYS/SUPPLY: Preview 2Y Note Auction
May-27 15:39
Treasury kicks off the last week of May's issuance cycle with $69B in 2Y Note (1300ET, CUSIP 91282CNE7).
- Current when-issued yield on the 2Y is 3.96%, vs 3.795% high yield at April 22nd's auction.
- The uptick in short-end rates comes following a set of largely solid "hard" economic data combined with reduced pessimism on the tariff front (including a US-China detente), with Fed officials continuing to express patience on the rate cut front due to lingering uncertainty. 2Y generic yields have risen from a low close to 3.60% since the start of May.
- That said, the current SOFR implied terminal rate for the Fed cutting cycle of 3.30% is at a two-and-a-half week low and 2Y yields are off the 4.06% May high.
- April's 2Y sale saw a 0.5bp tail, the biggest since Oct 2024, with soft statistics including 1 13.7% primary dealer takeup, and just 56.2% indirect take up (lowest since March 2023), with 2.62x bid-cover.
- The 5-auction average statistics are for a 0.1bp trade-through, with 2.62x bid-cover, 11% primary dealer takedown, with indirects 73% and directs 16%.
Since April 23, the curve has traded mixed, with 2s10s -3bp (47.7bp) and 2s30s +4bp (98.3bp), both within ranges seen since the beginning of April.
| High yield | When-issued yield | Trade through (tail) | High - Median Spread | Bid-to-cover | Primary Dealer Percent | Indirect Percent | Direct Percent | Offering Amount | |
| 5 auction avg | 4.099% | 4.100% | 0.1 | 4.7 | 2.62 | 11.25% | 72.91% | 15.84% | 69 |
| 22-Apr-25 | 3.795% | 3.790% | -0.5 | 5.5 | 2.52 | 13.74% | 56.18% | 30.08% | 69 |
| 25-Mar-25 | 3.984% | 3.985% | 0.1 | 4.8 | 2.66 | 10.65% | 75.77% | 13.58% | 69 |
| 24-Feb-25 | 4.169% | 4.179% | 1.0 | 3.9 | 2.56 | 6.87% | 85.49% | 7.64% | 69 |
| 27-Jan-25 | 4.211% | 4.210% | -0.1 | 4.3 | 2.66 | 13.71% | 65.02% | 21.27% | 69 |
| 23-Dec-24 | 4.335% | 4.335% | 0.0 | 5.0 | 2.73 | 11.26% | 82.09% | 6.65% | 69 |
MNI EXCLUSIVE: MNI Interviews Bank of Malta Acting Governor Alexander Demarco
May-27 15:38
- MNI interviews Bank of Malta acting Governor Alexander Demarco about ECB policy -- On MNI Policy MainWire now, for more details please contact sales@marketnews.com
FED: US TSY 26W BILL AUCTION: HIGH 4.160%(ALLOT 55.07%)
May-27 15:32
- US TSY 26W BILL AUCTION: HIGH 4.160%(ALLOT 55.07%)
- US TSY 26W BILL AUCTION: DEALERS TAKE 35.47% OF COMPETITIVES
- US TSY 26W BILL AUCTION: DIRECTS TAKE 9.68% OF COMPETITIVES
- US TSY 26W BILL AUCTION: INDIRECTS TAKE 54.85% OF COMPETITIVES
- US TSY 26W BILL AUCTION: BID/CVR 2.95
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