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Preview $13B 20Y Bond Auction Re-Open

US TSYS/SUPPLY

Tsy futures trading weaker, near midmorning lows ahead today's $13B 20Y-Bond auction reopen (912810TW8) at 1300ET. WI is currently running around 4.432%, 21.2bp cheap to last month's tail:

  • December recap: Tsys trimmed gains in response to the largest tail for a 20Y auction since Oct’22: high yield of 4.213% vs when-issued 4.198%.
  • The 1.5bp tail follows a five-auction average trade through of 0.2bps and 1.0bp in Nov, and having traded through for five of the past seven auctions.
  • Bid-to-cover: 2.55x vs five-auction av of 2.63x and 2.58x in Nov. It’s the lowest since the March auction.
  • Primary dealers took 12.89% vs five-auction av of 10.3% and 9.5% in Nov.
  • Indirects took 66.40% vs five-auction av of 69.9% and 73.4% in Nov
  • Directs took 20.71% vs five-auction av of 19.8% and 16.5% in Nov
  • Timing: today's 20Y note results will be available shortly after the competitive auctions closes.
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