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Preview 30Y Bond Auction

US TSYS/SUPPLY

Tsy futures holding off late morning lows ahead the $23B 30Y Bond auction (912810TD0). WI currently running around 2.302%, appr 22.7bp cheaper to last month's high yield. January recap:

  • Tsys gapped lower but quickly recovered after last month's $22B 30Y Bond auction re-open (912810TB4) tailed again: 2.075% high yield vs. 2.072% WI; 2.35x bid-to-cover better than 2.22x last month (2.29x 5-month average)
    • Indirect take-up climbs to 64.98% vs. 60.80% in Dec; direct bidder take-up recedes to 17.08% vs. 18.49% prior, while primary dealer take-up slips to 17.95% vs. 20.71%.

Timing: The 30Y Bond re-open results will available shortly after the competitive auctions closes at 1300ET.

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