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Preview $15B 20Y Bond Auction

US TSYS/SUPPLY

Tsy futures holding near session lows ahead the $15B 20Y-Bond auction (912810TK4) at the top of the hour. WI is currently running around 3.367%, appr 5.3bp rich to last month's high yield.

    • July recap: Tsy futures climbed off session lows (USU2 +2 at 138-20; 30YY 3.1627%) after strong $14B 20Y bond auction (912810TH1) reopen: 3.420% high yield vs. 3.447% WI; 2.65x bid-to-cover vs. prior month 2.60x.
      • Indirect take-up climbed to new high of 77.97% vs. 67.44% in June; direct bidder take-up fell to 14.09% vs. 20.20%, primary dealer take-up fell to new low of 7.94% vs. 12.35%.
  • Timing: The 20Y note results will be available shortly after the competitive auctions closes at 1300ET.

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