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Review 10Y Auction, Tsys Pare Gains After Weak Sale


Tsy futures slip off highs after $39B 10Y note auction (91282CDJ7) tailed:1.444% high yield vs. 1.430% WI; 2.35x bid-to-cover well below five auction avg: 2.56x

  • Indirect take-up remains high at 71.01% vs. 71.05% last two auctions; direct bidder take-up falls to 13.80% vs. 17.74% last month while primary dealer take-up bounces to 15.19% vs.1 1.21%, well shy of the 13.58% 5M average.
  • Next 10Y auction (re-open) is tentatively scheduled for December 8.

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