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Preview $14B 20Y Bond Auction Re-Open

US TSYS/SUPPLY

Tsy futures holding near highs ahead the $14B 20Y-Bond auction (912810TH1) re-open at the top of the hour. WI is currently running around 3.500%, appr 21.0bp cheap to last month's high yield. May recap:

  • Tsy futures extended session highs (30YY slipped to 3.0968%) after $17B 20Y Bond auction (912810TH1) came in on the screws: 3.290% high yield vs. 3.290% WI; 2.50x bid-to-cover vs. prior month's 2.80x.
  • Indirect take-up receded to 70.57% vs. prior 75.94% high; direct bidder take-up climbed to 16.43% vs. 15.32% prior, primary dealer take-up climbed to 13.00% vs. 8.74%.
  • Timing: The 20Y note results will be available shortly after the competitive auctions closes at 1300ET.
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