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Preview 10Y Note Auction

US TSYS/SUPPLY

Tsy futures scaling back off recent highs with the second leg of week's Tsy supply at the top of the hour: $39B 10Y-Note auction (91282CDJ7). WI is currently running around 1.447%, appr 13.7bp rich to last month's high yield. October recap:

  • Tsy futures inched higher after $38B 10Y note auction re-open (91282CCS8): small stop with 1.584% high yield vs. 1.588% WI; 2.58x bid-to-cover on par with Sep's 2.59x but well above five auction avg: 2.53x
  • Indirect take-up: 71.05% steady vs. Sep; direct bidder take-up bounces to 17.74% vs. 16.62% in Sep while primary dealer take-up slipped to 11.21% vs. Sep's 12.32% and well shy of the 15.24% 5M average.

Timing: The 10Y note re-open results will available shortly after the competitive auctions closes at 1300ET. The next 10Y auction is tentatively scheduled for December 8.

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