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Preview $20B 20Y Bond Auction Re-Open

US TSYS/SUPPLY
Tsy futures holding near late morning lows ahead the $20B 20Y-Note auction re-open (912810TC2). Despite the cheaper and steeper Tsy moves today, traders aren't anticipating a strong auction after three bill auctions tailed Monday, and very light customer involvement.
WI is currently running around 1.960%, appr 10.5bp rich to last month's high yield. November recap:
  • Rates held near session highs even after the 20Y bond auction tailed: 2.065% high yield vs. 2.056% WI, reasonable 2.34x bid-to-cover.
  • Indirect take-up 60.18% vs. 64.83% prior; direct bidder take-up 19.38% vs. 15.60% prior; primary dealer take-up 20.44% vs. 19.56% prior.
Timing: The 20Y note re-open results will be available shortly after the competitive auctions closes at 1300ET. The next 20Y auction is tentatively scheduled for January 19.
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