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Review 10Y Auction

US TSYS/SUPPLY

Tsy futures gaps lower/bounces slightly after $34B 10Y note auction re-open (91282CDY4) tails slightly: 1.920% high yield vs. 1.915% WI; 2.47x bid-to-cover off last month's 2.68x

  • Indirect take-up recedes to 62.23% vs. last month's 77.56% high; direct bidder take-up climbs to 18.00% vs. 15.00%, while primary dealer take-up bounces back to 13.74% vs. 7.44% record low prior.
  • Next 10Y auction (re-open) is tentatively scheduled for April 12.

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