MNI BRIEF: China Limits, Tightens IPO To Boost Listing Quality

MNI BRIEF: China February New Loans, TSF Pull Back Sharply

MNI BRIEF: China To Strengthen Shareholding Reduction Rules

MNI BRIEF: Net MLF Drain Not Sign Of Tight Liquidity - Paper

MNI: PBOC Conducts CNY387 Bln MLF Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.0975 Fri; -4.06% Y/Y

CHINA END-FEB M2 +8.7% Y/Y VS MEDIAN +8.8%; END-JAN +8.7% Y/Y

Inflation Expectations Moderate Across Parties

MNI: FRANCE FEB HICP +0.9% M/M, +3.2% Y/Y

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Preview $20B 20Y Bond Auction Re-Open

US TSYS/SUPPLY

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.

BulletMarketsFixed Income BulletsHomepage
BulletMarketsFixed Income BulletsHomepage

To read the full story

Close

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.