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Primary Dealers Drive Uptick In 13-Week Bill Demand

US TSYS/SUPPLY
  • Some interest in how T-bill auctions are developing compared to their recent trend in light of the sharp rundown in RRP usage (with today’s $867B consolidating Friday’s sizeable $66B decline).
  • Sticking with the latest 13-week auction, the bid-to-cover of 2.87x increased slightly from recent auctions (5-auction av 2.84) but peripheral statistics are softer with primary dealer take up particularly strong at 40.3% vs 5-auction av of 32.4%.

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