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FTN's Jim Vogel said the $34B 5Y.........>

US TSYS/5Y
US TSYS/5Y: FTN's Jim Vogel said the $34B 5Y auction was an "average auction
result on an unaverage day, generally a reasonable sign for bond mkt stability."
- He noted auction was "awarded at 2.058% vs a WI bid of 2.056% immediately
before deadline and 2.065% 45 mins before the sale. Dealers carry out only 27.4%
thanks to 61.6% indirects. Previous auctions became accustomed to almost 70%
indirects, but that was unsustainable. Takedown at the high yld was 77.1%.
Bid/cover of 2.44x vs average closer to 2.5x reflects today's volatility."

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