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30Y Bond Auction R/O Preview

US TSYS/SUPPLY

Today's $24B 30Y Bond auction re-open is consistent with the previous auctions since December, with the exception of a larger $27B size at the February auction.

  • Timing: Results available shortly after the competitive auctions closes at 1300ET.
  • The 30Y yield is currently trading around 2.32%, around 4.5bp higher than the yields at the time of the last auction which saw a high yield of 2.295% (well above the 1.8796% 5M avg).
  • The last auction saw a modest trade-through of 0.1bp, performance compares to as high as 1.2bp in December to a tail as wide as 0.9bp in February.
  • Prior bid-to-cover of 2.28x is also unremarkable with the last 5 auctions seeing a 2.18x-2.47x range.
  • Direct take-up had been fairly consistent at around 16.5%-17.3% between November-February but ticked up to 20.2% in the March auction.
  • The next 30Y auction is tentatively scheduled for May 13.
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