Mondayâs $63 billion sale of 2-year notes was met with good demand, according to a strategist.
The 11:30 a.m. Eastern sale drew more indirect bidders than usual, with that group being awarded 65.2% versus an average of 62.8%, according to Vail Hartman of BMO Capital Markets. Hartman used the word âsolidâ to sum up the results.
The $63 billion auction is set to be followed by a $64 billion sale of 5-year notes, scheduled for 1 p.m. ET. Treasury yields remained slightly higher immediately after the results of the first auction came in, with the 2-year rate
BX:TMUBMUSD02Y
trading around 4.72%.
Mondayâs 2-year sale is the largest for the maturity since 2016, but is expected to be followed by even bigger auctions for the note over the next two months, according to Lawrence Gillum, the Charlotte, North Carolina-based chief fixed-income strategist for broker-dealer for LPL Financial.
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