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Preview 10Y Note Auction

US TSYS/SUPPLY

Tsy futures trading off post-CPI highs, intermediates outperforming ahead the $35B 10Y note auction (91282CHC8) at the top of the hour. WI is currently running around 3.442%, 1.3bp rich to last month's tail.

  • April auction recap: Treasury futures dipped, traded mixed after the $32B 10Y note auction (91282CGM7) re-open tailed again with 3.455% high yield vs. 3.432% WI; 2.36x bid-to-cover vs. 2.35x prior.
  • Indirect take-up 62.95% vs. 62.29% prior; direct bidder take-up 19.91% from 19.98% prior; primary dealer take-up bounces to 17.14% vs. 17.7%.
  • Timing: The 10Y note auction results will be available shortly after the competitive auctions closes at 1300ET.

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