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Preview 10Y Note Auction Re-Open

US TSYS/SUPPLY

Tsy futures trading firmer, near early session highs ahead the $34B 10Y-Note auction re-open (91282CDY4) at 1300ET. WI is currently running around 2.682% - much cheaper than March 10Y re-open.

  • March auction recap: Tsy futures gapped lower then bounced slightly after $34B 10Y note auction re-open's (91282CDY4) small tail: 1.920% high yield vs. 1.915% WI; 2.47x bid-to-cover off last month's 2.68x
  • Indirect take-up receded to 62.23% vs. prior month's 77.56% high; direct bidder take-up climbed to 18.00% vs. 15.00%, while primary dealer take-up bounced back to 13.74% vs. 7.44% record low prior.

Timing: The 10Y note re-open results will available shortly after the competitive auctions closes at 1300ET.

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