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/10Y: FTN's Jim Vogel said today's......>

US TSYS/30Y
US TSYS/30Y: /10Y: FTN's Jim Vogel said today's $23B 10Y auction saw "award at
2.314%" as "the market embedded a yld concession in the 1-hr run-up to the sale.
It had been trading with a 2.30% handle throughout the domestic session. The WI
bid before the deadline was 2.319%."
- Vogel noted as the 10-year note "indirects hit 68.0%, a big number for a
refunding - and a rich one at that - directs also participated above avg to the
tune of 9.0%. That left net 23.0% for dealers who were likely prepped to carry
away up to 32% of the total."
- He quipped that "although that doesn't guarantee results in tomorrow's 30-yr
sale, light participation at least keeps the palate cleansed." He adds too that
the today's 10Y bid/cover "of 2.48x was .20 to .30 above typical refunding
performance."

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