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Preview $27B 20Y Tsy Auction


The 20Y WI is currently running around 1.850%, lowest for the year and certainly well below the 5M average of 2.155%. Last month, Tsys extended session lows after the weak $24B 20Y auction re-open drew a high yield of 1.890% (2.120% in June) vs. 1.877% WI. Bid-to-cover was 2.33x vs. 2.40x in June.

  • Indirect take-up remained above 58.77% 5M avg at 60.16%, but lagged June's 62.07%.
  • Primary dealer take-up: 20.91% vs. 22.60% 5M avg. Direct take-up: 18.94% vs. 18.63% 5M avg.
  • Auction results available shortly after competitive auction close 1300ET. The next 20Y-Bond auction is scheduled for September 21.

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