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Review 10Y Auction: Weaker on Another Tail

US TSYS/SUPPLY

Tsy futures pare gains -- back to midmorning levels after $34B 10Y note auction re-open (91282CDY4) tailed again: 2.720% high yield vs. 2.690% WI; 2.43x bid-to-cover off last month's 2.47x

  • Indirect take-up climbs to 64.33% vs. last month's 62.23% high; direct bidder take-up recedes to 17.02 from 18.00%, while primary dealer take-up bounces to 18.66% vs. 13.74%.
  • Next 10Y auction (re-open) is tentatively scheduled for May 11.

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