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Preview $14B 20Y Bond Auction Re-Open

US TSYS/SUPPLY

Tsy futures holding near session lows ahead the $14B 20Y-Bond auction (912810TH1) re-open at the top of the hour. WI is currently running around 3.440%, appr 4.8bp rich to last month's high yield.

    • June recap: Tsy futures held near session highs (USU2 +2-21 at 136-01; 30YY 3.2346% at the moment) after $14B 20Y bond auction (912810TH1) re-open : 3.488% high yield vs. 3.488% WI; 2.60x bid-to-cover vs. last month's 2.50x.
    • Indirect take-up slipped to 67.44% vs. 70.57% in May; direct bidder take-up 20.20% vs. 16.43% prior, primary dealer take-up slipped to 12.35% vs.13.0%.
  • Timing: The 20Y note results will be available shortly after the competitive auctions closes at 1300ET.

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