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10Y Auction Re-Open Review: Tsys Bounce

US TSYS/SUPPLY

Tsys bounce off lows after $38B 10Y note auction re-open (91282CCB5) trades through: 1.371% high yield vs. 1.375% WI; 2.39x bid-to-cover off 2.43x 5 auction avg.

  • Indirect take-up eases slightly to 63.48% vs. 61.09% 5M avg, direct bidders slip to 17.48% vs. June's 19.23% -- over one year high. Still off 21.06% 5M average primary dealer take-up climbs to 19.04% vs. June's 15.73%, .
  • The next 10Y auction is tentatively scheduled for August 11.

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