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Review 10Y Auction: Weak Re-Open

US TSYS/SUPPLY

Tsy futures paring gains after $33B 10Y note auction (91282CEP2) reopen tails yet again: 2.960% high yield vs. 2.937% WI; 2.34x bid-to-cover off last month's 2.41x

  • Indirect take-up slips to 61.33% vs. last month's 63.59% high; direct bidder take-up 17.97 from 19.37%, while primary dealer take-up 20.07% vs. 17.04%.
  • Next 10Y auction (re-open) is tentatively scheduled for August 10.

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