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2025-10-29 21:40:52
[US $69 Billion Treasury Auction Preview: Key Analysis of 4-Month Note Pricing] ⑴ The US Treasury will issue $69 billion in 4-month Treasury notes, maturing on March 3, with net financing of $4 billion. ⑵ The winning bid rate for notes maturing on February 24, issued last week, was 3.735%, with a current bid yield of 3.7125%. ⑶ Newly issued 4-month notes are currently trading at a bid price of 3.70%, with a rollover value of -0.8 basis points. ⑷ The 3-month/6-month note spread is trading at -6.3 basis points, with a weekly value of -0.48 basis points. ⑸ The March 2026 SOFR futures contract is trading at a 3.43% interest rate, up 7 basis points from last week's auction. ⑹ The 2-month/4-month/6-month butterfly spread is -3.5 basis points, 8 basis points cheaper than last week's auction. (7) The average bid-to-cover ratio for the past six 4-month notes was 3.18, with indirect bids accounting for 64.91%. (8) Dealer bids accounted for 29.64%, while direct bids accounted for 5.45%, indicating that institutional demand dominated.
