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Preview 10Y Note Auction

US TSYS/SUPPLY

Tsy futures trading mixed by midday, yield curves steeper w/ 2s through 10s firmer, bonds mildly weaker/well off post CPI highs heading into today's new 10Y note auction (91282CFF3) at the top of the hour. WI is currently running around 2.767%, 19.3bp rich to last month's 10Y re-open auction tail.

  • July auction recap: Tsy futures pared gains after $33B 10Y note auction (91282CEP2) reopen tailed yet again: 2.960% high yield vs. 2.937% WI; 2.34x bid-to-cover off last month's 2.41x.
  • Indirect take-up slipped to 61.33% vs. prior month's 63.59% high; direct bidder take-up 17.97 from 19.37%, while primary dealer take-up 20.07% vs. 17.04%.
  • Timing: The 10Y note re-open results will available shortly after the competitive auctions closes at 1300ET.

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