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Preview $13B 20Y Bond Auction Reopen

US TSYS/SUPPLY

Tsy futures trading firmer ahead today's $13B 20Y-Bond auction reopen (912810UB2) at 1300ET. WI is currently running around 4.473%, 16.2bp rich to last month's in-line sale:

  • May recap: Little reaction in Tsy futures after the $16B 20Y bond auction (912810UB2) came out on the screws: 4.635% high yield vs. 4.636% WI; 2.51x bid-to-cover lowest since February vs. prior month's 2.82x.
  • Indirect take-up the lowest since Feb'24 at 70.76% vs. 74.71% last month; direct bidder take-up 19.81% vs. 16.21% prior; primary dealer take-up the highest since Feb'24 at 10.06% vs. 9.09% prior.
  • Timing: today's 20Y note results will be available shortly after the competitive auctions closes at 1300ET.

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