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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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Preview 20Y Bond Re-Open
Today's $24B 20Y Bond auction re-open remains consistent with auctions since December, with the exception of a $3B increase to $27B at the prior November and February auctions.
The 20Y yield is currently trading around 2.16%, still well above the 5 month running average of 1.75% and 12bp lower than yields around last month's auction.
In light of the small .2bp average tail over the last 5 months, bond traders remain a bit gun-shy of the 20Y supply after the last two auction performances.
Markets have paid close attention to the past two 20Y auctions:
- Tsys surged higher in a relief rally after the March 16 auction reopening traded strong: drawing a high yield 2.290% vs. 2.315% WI.
- Tsys gapped lower after he $27B 20Y auction on Feb 21 drew a huge 2.3bp tail: drawing 1.920% high yield vs. 1.897% WI.
The 5 month bid-to-cover of 2.32x compares to 2.51x in March and 2.15% in February.
March auction's indirect take-up of 61.4% was the highest since October (with Nov-Feb all between 54.89%-61.22%). Primary dealer take-up of 21.56% was well off the 5 month average of 25.18%. Direct take-up climbed to 17.03%, the highest since December.
Timing: Results will be available shortly after the auction closes at 1300ET
The next 20Y auction is tentatively scheduled for May 19.To read the full story
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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.