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Preview $24B 20Y Tsy Auction Re-Open

US TSYS/SUPPLY

The 20Y WI is trading around 1.875% to 1.865%, well below 5M average of 2.155%. Will be interesting to see how today's re-open performs given Tsy futures holding broadly weaker, near session lows w/long end all the way back to last Friday levels.
Last month, Tsys futures pared loses after strong 20Y re-open drew high yield of 2.120% (2.286% in May) vs. 2.137% WI. Bid-to-cover 2.40 vs. 2.24 in May.

  • June's indirect take-up was the highest since October 2020, climbed to 62.07% vs. 58.77% 5-auction average
  • Primary dealer take-up fell to 17.53% last month vs. 22.60% 5M avg, while direct take-up hit 20.40% vs. 18.63% 5M average.
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