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Preview 10Y Note Auction

US TSYS/SUPPLY

Tsy futures trading mixed, Bonds bid but off highs ahead the $32B 10Y note auction re-open (91282CGM7) at the top of the hour. WI is currently running around 3.947%, 33.4bp cheap to last month's stop.

  • February auction recap: Treasury futures rallied after the strong $35B 10Y note auction (91282CGM7) stopped through with 3.613% high yield vs. 3.642% WI; 2.66x bid-to-cover vs. 2.53x prior.
  • Indirect take-up surged to 79.45% vs. 67.02% prior; direct bidder take-up 15.19% from 17.92% prior; new low primary dealer take-up 5.36% vs. 15.06%.
  • Timing: The 10Y note re-open results will available shortly after the competitive auctions closes at 1300ET.

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