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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessPreview $20B 20Y Bond Auction Re-Open
Tsy futures holding near mid-morning highs ahead the $20B 20Y-Note auction re-open (912810TC2) at the top of the hour. WI is currently running around 2.322%, appr 29.0bp cheap to last month's high yield.
- Lack of conviction following the Dec stop-through, given the modest retrace in yields today, trading desks don't anticipate much follow-through buying, estimate a small tail. December recap:
- Tsy futures bounced off session lows after strong $20B 20Y note auction re-open (912810TC2) trades through: 1.942% high yield vs. 1.964% WI; year high 2.59x bid-to-cover better than last month's 2.34x.
- Indirect take-up climbed to year high of 64.83% (matching October's) vs. Nov's 60.18%; direct bidder take-up also year high of 20.83% while primary dealer take-up recedes to year low of 14.34% vs. 19.36% 5-month average.
Timing: The 20Y note re-open results will be available shortly after the competitive auctions closes at 1300ET.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.