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Preview 10Y Note Auction

US TSYS/SUPPLY

Tsy futures trading mildly firmer ahead the $32B 10Y note auction re-open (91282CFF3) at the top of the hour. WI is currently running around 3.317%, 56.2bp cheap to last month's 10Y stop.

  • August auction recap: Tsy futures gained slightly after decent $35B 10Y note auction (91282CFF3) stopped through: 2.755% high yield vs. 2.762% WI; 2.53x bid-to-cover vs. last month's 2.34x
    • Indirect take-up climbs to 74.52% vs. last month's 61.33% high; direct bidder take-up recedes to 15.56 from 17.97%, primary dealer take-up falls to 9.92% vs. 20.07%.
  • Timing: The 10Y note re-open results will available shortly after the competitive auctions closes at 1300ET.

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