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Preview $16B 20Y Bond Auction

US TSYS/SUPPLY

Tsy futures trading strong, top end of the range ahead today's $16B 20Y-Bond auction (912810TU2) at the top of the hour. WI is currently running around 4.497%, 46.1bp cheap to last month's stop.

  • July recap: Little reaction from Tsy futures after $12B 20Y bond auction re-open (912810TS7) traded near expectations: 4.036% high yield vs. 4.037% WI; 2.68x bid-to-cover vs. prior month's 2.87x.
  • Indirect take-up 68.75% vs. 74.58% last month; direct bidder take-up 21.68% vs. 17.62% prior; primary dealer take-up 9.57% vs. 7.79%.
  • Timing: today's 20Y note results will be available shortly after the competitive auctions closes at 1300ET.

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