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5Y Auction ​Review:

US TSYS/SUPPLY

Tsy futures remain under pressure -- near late morning lows after another tail: $59B 5Y note auction (91282CDK4) with 1.319% high yield vs. 1.309% WI; 2.34x bid-to-cover recedes vs. last month's 2.55x.

  • Indirect take-up: recedes to 56.88% vs. October's 64.78% new 2021 high
  • Primary dealer take-up: climbs to 26.88% vs. 17.85%; Direct take-up lowest since May at 16.24%.
  • The next 10Y auction is tentatively scheduled for December 28.

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