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Preview $12B 20Y Bond Auction Re-Open

US TSYS/SUPPLY

Tsy futures trading weaker/near lows ahead the $12B 20Y-Bond auction (912810TQ1) re-open at the top of the hour. WI is currently running around 3.942%, appr 3.3bp cheap to last month's high yield tail.

  • March recap: Tsy futures held weaker, near midday lows after $12B 20Y bond auction (912810TQ1) reopen tailed slightly: 3.909% high yield vs. 3.905% WI; 2.53x bid-to-cover vs. prior month's 2.54x.
  • Indirect take-up 67.03% vs. 75.3% prior month; direct bidder take-up 21.06% vs. 17.97% prior; primary dealer take-up climbs to 11.93% vs. 6.73%.
  • Timing: Today's 20Y note results will be available shortly after the competitive auctions closes at 1300ET.
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