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Review: Bonds Paring Gains Post 30Y TIPS

US TSY FUTURES

Long end Tsy futures pare gains poorly received $9B 30Y TIPS auction, tailing appr 6.5bp w/ 0.195% high-yield (-0.292% prior auction in Aug '21) vs. 0.130% WI;

2.17x bid-to-cover vs. last month's 2.34x.

  • Indirect take-up recedes to 69.9% vs. 74.9% last August; direct bidder take-up falls to 9.9% vs. 12.4% while primary dealer take-up climbs to 20.2% vs. 12.7%.

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