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Review 10Y Auction: Weak Re-Open, Tsy Support Evaporates

US TSYS/SUPPLY

Tsy futures gap lower after $32B 10Y note auction re-open (91282CFF3) underperforms: large tail w/ 3.330% high yield vs. 3.302% WI; 2.37x bid-to-cover vs. last month's 2.53x

  • Indirect take-up falls to 62.30% vs. last month's 74.52% high; direct bidder take-up 17.89 from 15.56%, primary dealer take-up rebounds to 19.81% vs. 9.92%.
  • Next 10Y auction (re-open) is tentatively scheduled for October 12.

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