MNI China Daily Summary: Tuesday, Aug 27

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MNI:US JUN FHFA HPI SA -0.1% V +0.0% MAY; +5.1% Y/Y

MNI: US REDBOOK: AUG STORE SALES +4.9% V YR AGO MO

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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Preview 10Y Note Auction

US TSYS/SUPPLY

Tsy futures holding firmer, upper half session range ahead the $36B 10Y-Note auction re-open (91282CDJ7) sale at 1300ET. Prospects for a concession? One desk said rates are oversold, moderate support following more or less in-line CPI making a tail less likely -- expect to see1.65% before 1.80%.

  • WI is currently running around 1.720%, 20.2bp cheap to last month's high yield.
  • December recap: Tsy futures drew modest two-way after $36B 10Y note auction re-open (91282CDJ7) tailed slightly:1.518% high yield vs. 1.515% WI; 2.43x bid-to-cover better than November's 2.35x but still shy a 2.51x 5-month average
    • Indirect take-up recedes to 68.84% (lowest since July) vs. Nov's 71.01%; direct bidder take-up highest since July at 17.79% while primary dealer take-up recedes to 13.37% vs. 15.19%.

Timing: The 10Y note re-open results will available shortly after the competitive auctions closes at 1300ET.

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