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Preview $12B 20Y Bond Auction Re-Open

US TSYS/SUPPLY

Tsy futures trading steady to mixed, short end underperforming ahead this afternoon's $12B 20Y-Bond auction re-open (912810TS7) at the top of the hour. WI is currently running around 4.052%, 4.2bp cheap to last month's stop.

  • June recap: Tsy futures bounced off lows after $12B 20Y bond auction re-open (912810TS7) traded through: 4.01% high yield vs. 4.03% WI; 2.87x bid-to-cover vs. prior month's 2.56x.
  • Indirect take-up 74.58% vs. 70.58% last month; direct bidder take-up 17.62% vs. 18.12% prior; primary dealer take-up 7.79% vs. 11.31%.
  • Timing: today's 20Y note results will be available shortly after the competitive auctions closes at 1300ET.

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