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Review 10Y Auction

US TSYS/SUPPLY

Treasury futures pare gains slightly, remain well bid after the $32B 10Y note auction (91282CHC8) tailed: 3.448% high yield vs. 3.437% WI; 2.45x bid-to-cover vs. 2.36x prior.

  • Indirect take-up 67.05% vs. 62.95% prior; direct bidder take-up 19.46% from 19.91% prior; primary dealer take-up falls to 13.04% vs. 17.14% prior.
  • Next (new) 10Y auction is tentatively scheduled for Jun 12.

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