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Preview 3Y Note Auction: 8.2Bp Cheap to January Auction

US TSYS/SUPPLY
  • Tsy futures holding firmer, near midday highs ahead of the $54B 3Y note auction (91282CKA8) at 1300ET. WI is currently at 4.187%, 8.2bp cheap to last month's stop.
  • January auction recap: Treasury futures pared losses after $52B 3Y note auction (91282CJT9) stopped through: 4.105% high yield vs. 4.117% WI; 2.67x bid-to-cover vs. 2.42x prior month.
  • Indirect take-up climbed to 65.31% vs. 52.08% prior; direct bidder take-up 16.84% vs. 21.69% prior; primary dealer take-up 17.85% vs. 26.24%.
  • Timing today's 3Y note sale: results will available shortly after the competitive auctions closes at 1300ET.

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