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Preview 30Y Bond Auction

US TSYS/SUPPLY

Tsy futures trading mixed, curves steeper with the long end weaker but off lows ahead the $25B 30Y Bond auction (912810UA4) at the top of the hour. WI currently running around 4.646%, 2.5bp rich vs. last month's tail:

  • April re-open auction recap: Treasury futures traded softer (USM4 115-07, -4 vs. 114-29 low) after $22B 30Y auction (912810TX6) re-open tailed for the first time in 5 auctions (5.2bp tail in Nov'23): 4.671% high yield vs. 4.662% WI; 2.37x bid-to-cover vs. 2.47x in the prior month.
  • Indirect take-up fell to 64.38% (lowest since Nov'23) vs. 69.29% prior; direct bidder take-up climbed to 18.28% vs. 16.77% prior; primary dealer take-up 17.34% (highest since Nov) vs. 13.93%.
  • Timing: Today's results will be available shortly after the competitive auctions closes at 1300ET.

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