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Preview Tsy 3Y Note Auction

US TSYS/SUPPLY

US Tsy kicks off week with first reduced size coupon sales at the top of the hour: $56B 3Y-Note (91282CDH1), followed by $39B 10Y Tue and $25B 30Y on Wed -- faster pace with markets closed Thursday for Veterans Day holiday.

  • WI is currently running around 0.735%, appr 10bp cheaper to last month's high yield. Oct recap:
  • Treasury futures held gains after $58B 3Y note auction's (91282CDB4) small stop: 0.635% high yield vs. 0.637% WI; 2.36x bid-to-cover vs. 2.46x 5-auction average.
  • Indirect take-up receded: 44.23% vs. 56.67% prior, while direct bidder take-up holds near 1+ year high at 18.87%. Primary dealer take-up climbs to 36.90% vs. Sep's 24.37% and well above 27.78% 5M average.

Timing: The 3Y note sale results will available shortly after the competitive auctions closes at 1300ET. The next 3Y auction is tentatively scheduled for December 7.

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