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Preview 10Y Note Auction


Tsy futures holding firmer, upper half session range ahead the $37B 10Y-Note auction (91282CDY4) sale at 1300ET. WI is currently running around 1.917%, 19.4bp cheap to last month's high yield. January auction recap:

  • Tsy futures pared gains after $36B 10Y note auction re-open (91282CDJ7) tailed slightly again: 1.723% high yield vs. 1.719% WI; 2.43x bid-to-cover better than Decenber's 2.43x but still shy a 2.51x 5-month average
    • Indirect take-up fell to 65.53% (lowest since July) vs. Dec's 68.84%; direct bidder take-up highest since June at 17.86% while primary dealer take-up bounced to 16.61% vs. 13.37% prior.

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

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