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Preview New 10Y Note Auction


Tsy futures trading mixed, off post-CPI lows, curves flatter with long end outperforming ahead the new $36B 10Y-Note auction (91282CEP2) at 1300ET. WI is currently running around 2.942%, 22.2bp cheaper than April 10Y re-open.

    • April auction recap: Tsy futures pared gains -- back to midmorning levels after $34B 10Y note auction re-open (91282CDY4) tailed again: 2.720% high yield vs. 2.690% WI; 2.43x bid-to-cover vs. 2.47x for March.
    • Indirect take-up climbed to 64.33% vs. March's 62.23% high; direct bidder take-up receded to 17.02 from 18.00%, while primary dealer take-up bounced to 18.66% vs. 13.74%.
  • Timing: The 10Y note re-open results will available shortly after the competitive auctions closes at 1300ET.

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