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3Y Note Auction Preview

US TSYS/SUPPLY

Rounding out the day's Tsy auctions with $58B 3Y note (91282CCX7) at the top of the hour, $38B 10Y re-open follows Wednesday, $24B 30Y bond re-open Thursday.

  • 3Y yield is currently running around 0.447%: cheap vs. average high-yield over last five auctions of 0.384%, but rich to last month's auction.
  • Last month's 3Y auction stopped through: 0.465% high yield vs. 0.467% WI; 2.54x bid-to-cover off 2.46x 5 auction avg. August take-up details:
    • Indirect take-up remained strong at 55.41% vs. 51.16% 5M avg, while direct bidder take-up climbs to new 1+ year high of 18.43%. Primary dealer take-up slipped to 26.17% vs. July's 28.55% still well off 31.10% 5M average.
  • Timing: The 3Y note auction results will available shortly after the competitive auctions closes at 1300ET.
  • The next 3Y auction is tentatively scheduled for October 12.
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