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Preview $12B 20Y Bond Auction Re-Open

US TSYS/SUPPLY

Tsy futures broadly weaker, near session lows ahead the $12B 20Y-Bond auction re-open (912810TK4) at the top of the hour. WI is currently running around 4.375%, appr 55.5bp cheap to last month's high yield.

    • Sep recap: Tsy futures extended a bounce off late morning lows after $12B 20Y bond auction re-open (912810TK4) traded through: 3.820% high yield vs. 3.835% WI; 2.65x bid-to-cover vs. prior 2.30x.
      • Indirect take-up climbed to 75.32% vs. prior month's 66.97% high; direct bidder take-up 16.62% vs. 18.32% prior, primary dealer take-up fell to 8.06% vs. 14.71%.
  • Timing: The 20Y note results will be available shortly after the competitive auctions closes at 1300ET.

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