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Preview $16B 20Y Bond Auction Re-Open

US TSYS/SUPPLY

Tsy futures holding gains, Bonds near highs ahead the $16B 20Y-Note auction re-open (912810TF5) at the top of the hour. WI is currently running around 3.125%, appr 47.4bp cheap to last month's high yield. March recap:

  • Tsy futures held gains after strong $16B 20Y note auction reopen (912810TF5) traded through with 2.651% high yield vs. 2.662% WI; 2.72x bid-to-cover vs. February's 2.44x.
    • Indirect take-up climbed to 64.39% vs. 62.981%; new high direct bidder take-up at 26.03% vs. 20.98%, primary dealer take-up fell to 9.59% vs. 16.11%.
  • Timing: The 20Y note re-open results will be available shortly after the competitive auctions closes at 1300ET.
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