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Preview 10Y Note Auction Re-Open

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Treasury futures trade softer but off morning lows (TYZ4 currently -4.5 at 115-10) ahead of the $39B 10Y note auction re-open (91282CLF6) at the top of the hour. WI is currently at 3.657%, 30.3bp rich to last month's tail.

  • August auction recap: Treasury futures extended session lows (TYU4 -18.5 to 112-26) but rebounded to 112-29 after the $42B 10Y auction (91282CLF6) tailed 3bp: 3.960% high yield vs. 3.930% WI; 2.32x bid-to-cover is lowest since Dec'22 vs. 2.58x prior last month.
  • Indirect take-up slipped to 66.17% from 67.61% prior; direct bidder take-up fell to 15.95% from 20.86% prior; primary dealer take-up largest since April at 17.88% vs. 11.53% prior.
  • Timing: the 10Y note auction results will be available shortly after the competitive auctions closes at 1300ET.
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Treasury futures trade softer but off morning lows (TYZ4 currently -4.5 at 115-10) ahead of the $39B 10Y note auction re-open (91282CLF6) at the top of the hour. WI is currently at 3.657%, 30.3bp rich to last month's tail.

  • August auction recap: Treasury futures extended session lows (TYU4 -18.5 to 112-26) but rebounded to 112-29 after the $42B 10Y auction (91282CLF6) tailed 3bp: 3.960% high yield vs. 3.930% WI; 2.32x bid-to-cover is lowest since Dec'22 vs. 2.58x prior last month.
  • Indirect take-up slipped to 66.17% from 67.61% prior; direct bidder take-up fell to 15.95% from 20.86% prior; primary dealer take-up largest since April at 17.88% vs. 11.53% prior.
  • Timing: the 10Y note auction results will be available shortly after the competitive auctions closes at 1300ET.