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7Y Auction ​Review:

US TSYS/SUPPLY

Tsy futures back near lows after mediocre $62B 7Y note auction (91282CDF5) drew 1.461% high yield vs. 1.447% WI; 2.25x bid-to-cover in-line with Sep's 2.24x (shy of five auction avg: 2.32x).

  • Indirect take-up climbs to 63.89% (highest since Jan) vs. 60.09 in Sep
  • Primary dealer take-up: 16.57% (2021 low);
  • Direct take-up: 19.54% vs. 20.92% in Sep
  • The next 10Y auction is tentatively scheduled for November 23.

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