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3Y Note Auction Preview, WI Rising


Monday's $58B 3Y note auction (91282CCL3) kicks off the week's $120B in Tsy notes/bond issuance (first note supply since the June FOMC), followed by $38B 10Y re-open later today at 1300ET, and $24B 30Y R/O Tuesday.

  • Gradually rising -- 3Y yield is currently running around 0.417% compared to 0.325% high yield achieved at the June 8 auction (0.326% WI).
  • June's 2.47x bid-to-cover was in-line with 2.46x 5 month average.
  • Indirect take-up surged to 54.17% vs. 49.62% 5M avg last month, while direct bidders climbed to 18.28%, highest in over a year. Primary dealers take-up ebbed to 27.55% vs. 31.63% 5M average.
  • Timing: The 3Y note auction results will available shortly after the competitive auctions closes at 1130ET.
  • The next 3Y auction is tentatively scheduled for August 10.

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