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Preview 10Y Auction Re-Open

US TSYS/SUPPLY

Focus on $38B 10Y note auction re-open at the top of the hour. WI currently running 1.675% / 1.670%, compares to 1.523% high yield on last month's $38B re-open vs. 1.52% WI at the time.

  • Given last month's slight tail (0.3bp) and the rise in yields since then, markets will be watching very closely whether another tail may occur.
  • Bid-to-covers have been very consistent recently at 2.38x in March and in a 2.32x-2.47x range over the past five auctions.
  • Indirect take-up at 56.81% in March was the lowest since November (with Dec-Feb all between 60.6%-62.3%). Primary dealers stepped in to take their highest percentage since November.
  • Direct take-up has been consistently around the 17.5-18.9% area in the last three auctions, higher than the 13.1%-14.8% area seen between Aug-Nov.
  • The next 10Y auction is tentatively scheduled for May 12.
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