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Preview: 30Y Bond Auction Re-Open

US TSYS/SUPPLY

Tsy futures near mid-morning lows with the $20B 30Y Bond auction re-open (912810TD0) at the top of the hour. WI currently running around 2.397%, appr 5.7bp cheaper to last month's high yield. February recap:

  • Tys whipsawed after $23B 30Y auction (912810TD0) tailed: climbing off lows after yields surged on StL Fed Bullard aired opinion over 50Bp hike in March and chance of intermeeting move to address rising inflation.
  • Bond sale tailed 1.3bp: 2.340% high yield vs. 2.327% WI; 2.30x bid-to-cover vs. 2.35x last month (2.29x 5-month average).
  • Indirect take-up climbed to 67.95% vs. 64.98% in Jan; direct bidder take-up 17.75% vs. 17.08% prior, while primary dealer take-up fell to 14.30% vs. 17.95%.
  • Timing: The 30Y Bond re-open results will available shortly after the competitive auctions closes at 1300ET.
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