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Preview $12B 20Y Bond Auction Re-Open

US TSYS/SUPPLY

Tsy futures still trading strong but off late morning highs ahead the $12B 20Y-Bond auction re-open (912810TM0) at the top of the hour. WI is currently running around 3.722%, appr 21.3bp rich to last month's high yield stop.

  • December recap: Tsy futures held steady after strong $12B 20Y bond auction re-open (912810TM0) stopped through: 3.935% high yield vs. 3.948% WI; 2.68x bid-to-cover vs. prior month's 2.64x.
  • Indirect take-up fell to 72.30% vs. 75.35% prior month; direct bidder take-up 19.01% vs. 15.40% prior; primary dealer take-up 8.69% vs. 9.25%.
  • Timing: The 20Y note results will be available shortly after the competitive auctions closes at 1300ET.

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