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30Y Auction Review: Fourth Consecutive Tail

US TSYS/SUPPLY

Tsys gap lower after $27B 30Y Bond auction (912810SZ2) tails 1.0Bp: 2.040% high yield vs. 2.030% WI; 2.21x bid-to-cover off 2.29x 5 auction avg.

  • Indirect take-up of 60.65% vs. 61.30% 5M avg;
  • Direct bidder take-up 21.00% vs. 5M avg of 19.37%;
  • Primary dealer take-up 18.35% vs. 5M average of 19.32%.
  • The next 30Y-Bond auction is scheduled for September 9

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