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Preview $13B 20Y Bond Auction

US TSYS/SUPPLY

Tsy futures trading mixed, near recent session highs ahead today's $16B 20Y-Bond auction (912810UB2) at 1300ET. WI is currently running around 4.637%, 18.1bp rich to last month's stop:

  • April recap: Tsy futures gapped higher: TYM3 108-05.5 (well below technical resistance of 108-25.5 (April 12 High)) after strong $13B 20Y bond auction reopen (912810TZ1) stopped through for the second consecutive time: 4.818% high yield vs. 4.840% WI; 2.39x bid-to-cover vs. prior month's 2.79x.
  • Indirect take-up the highest since Feb'23 at 74.71% vs. 73.49% last month; direct bidder take-up 16.21% vs. 17.16% prior; primary dealer take-up the lowest since Jun'23 at 9.09% vs. 9.35% prior.
  • Timing: today's 20Y note results will be available shortly after the competitive auctions closes at 1300ET.
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