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Preview 10Y Note Auction Re-Open

US TSYS/SUPPLY

Treasury futures holding moderate gains (TYU4 +4.5 at 109-07.5) ahead of the $39B 10Y note auction re-open (91282CQK3) at the top of the hour. WI is currently running around 4.451%, 3.2bp rich to last month's tail.

  • May auction recap: Treasury futures dipped but hold off session low of TYM4 108-25.5 (10Y yield 4.4876%) after the $42B 10Y sale (91282CQK3) tailed 1.2bp: 4.483% high yield vs. 4.471% WI; 2.49x bid-to-cover vs. 2.34x prior.
  • Indirect take-up climbed to 65.52% vs. 61.81% prior; direct bidder take-up 18.74% from 14.24% prior; primary dealer take-up falls to 15.73% vs. 23.96% prior.
  • Timing: The 10Y note auction results will be available shortly after the competitive auctions closes at 1300ET.
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