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JGB TECHS

(U1) Fades Off 2021 Highs

US TSYS

BMO Maintain "Range-Trading Bias"

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WI running -0.997% going into the $16B 10Y TIPS auction, compares to -0.841% five month high yield average. Prior 10Y TIPS auction on May 20 drew high yield of -0.805% w/ bid-to-cover of 2.50.

  • The May indirect take-up was 68.59% vs. 68.68% 5-auction average
  • Primary dealer take-up climbed to 15.55% vs. 14.88% 5M avg, while direct take-up hit 15.86% vs. 16.44% 5M average.