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Preview 30Y Bond Auction

US TSYS/SUPPLY

Tsy futures remain weaker but off this morning's post-claims data lows (TYU4 at 112-24.5 vs 112-17 low), curves flatter ahead the $25B 30Y Bond auction (912810UC0) at the top of the hour. WI currently running around 4.277%, 12.8bp rich vs. last month's tail:

  • July auction recap: Treasury futures pared gains -- but remained well bid (USU4 119-31, +1-07) after the $22B 30Y auction reopen (912810AU4) tailed 2.1bp: 4.405% high yield vs. 4.384% WI; 2.30x bid-to-cover vs. 2.49x in the prior month.
  • Indirect take-up fell to 60.76% vs. 68.50% prior; direct bidder take-up climbed to 23.36% vs. 17.80% prior; primary dealer take-up 15.88% vs. 13.70%.
  • Timing: Today's results will be available shortly after the competitive auctions closes at 1300ET.

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