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US TSYS/30Y: Jefferies money mkt economist Tom Simons said today's $12B 30-year
reopening "stopped 0.4 bps above where the WI was bid at 1:00PM at 2.790%.
Reopenings tend to be better bid than new issues due to smaller offering sizes,
but the opposite has been the case so far with this bond."
- He added "the 2.21 bid cover ratio is on the soft side for reopenings
recently. Indirect bidders took down 58.8% of the auction, which is their
smallest share since November 2016. The Direct bid took down 6.8% of the
auction. Dealers took down 34.4% of the auction, the most since May 2017."
- Simons said the "weak auction stats are not particularly encouraging" but "not
particularly worrying either. There is still consistent demand in the long-end
in the secondary market. even if it didn't really show up in the auction."