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Preview $13B 20Y Bond Auction Reopen

US TSYS/SUPPLY

Tsy futures trading stronger, near recent session highs ahead today's $13B 20Y-Bond auction (912810TZ1) re-open at 1300ET. WI is currently running around 4.837%, 29.5bp cheap to last month's stop:

  • March recap: The 20Y auction stopped through by 2bps (high yield 4.542% vs WI 4.562%), its first stop since Nov after a particularly large 3.3bp tail and a five-auction average tail of 0.7bp. Bid-to-cover: 2.79x after 2.39x in Feb (five-auction average 2.53x).
  • Strong internals: highest bid-to-cover since Jun, lowest dealer take since Sep and highest indirects since Nov. Primary dealer: 9.35% after 21.2% in Feb (five-auction average 14.6%). Indirects: 73.49% after 59.1% in Feb (five-auction average 66.9%).
  • Directs: 17.16% after 19.7% in Feb (five-auction average of 18.5%).
  • Timing: today's 20Y note results will be available shortly after the competitive auctions closes at 1300ET.
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