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20Y Review: Solid With Consecutive Trade Through

US TSYS/SUPPLY
  • 20Y sees back-to-back trade through, 1.3bps (high yield 3.935, WI 3.948) after the 3.0bp in Nov and what had been the 5-auction average of 0.5bp.
  • Bid-to-cover of 2.68 up from 2.64 in Nov and above recent average of 2.55, technically highest since April.
  • Primary dealer take of 8.69% is lowest since Sept whilst indirect of 72.3% is closer to 5-auction average of 71.9 and down from 75.4.

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