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3Y Note Auction Preview, Yields Rising

US TSYS/SUPPLY

Today's $58B 3Y note auction (91282CCT6) kicks off the week's $126B in Tsy notes/bond issuance, followed by $41B 10Y on Wednesday, and $27B 30Y bond on Thursday.

  • 3Y yield is currently running around 0.462% compares to 0.362% average high-yield over the last five auctions. Last month's auction tailed: 0.426% high yield achieved at the July 12 auction vs. 0.422% WI.
  • July's 2.41x bid-to-cover was below the 2.46x five month average.
  • Indirect take-up remained strong at 53.17% vs. 51.16% five month avg last month, direct bidders held steady at 18.28%, highest in over a year. Primary dealers take-up climbed to 28.55% from 27.55% in July but remains below 31.10% five month 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 September 7.
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