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Preview 30Y Bond Auction

US TSYS/SUPPLY

Coming up: final leg of week's Treasury supply w/ $27B 30Y Bond auction (912810SZ2). Current 30Y yield running around 2.020% vs. last month's 2.000% high yield/tail.

  • Tsys gapped lower after the July $24B 30Y Bond auction re-open (912810SX7) tailed 2.3Bp: 2.000% high yield vs. 1.977% WI
  • July's 2.19x bid-to-cover lowest since Feb'21 and shy of 2.29x 5 auction avg.
  • Indirect take-up slipped to 61.09% vs. 61.3% 5M avg; direct bidder take-up declined to 16.63% was lowest since November 2020, 5M avg of 19.52%; primary dealer take-up filled the gap, climbing to 22.28% vs. 5M average of 19.31%.
  • Auction results available shortly after competitive auction close 1300ET. The next 30Y-Bond auction is scheduled for September 9.
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