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Review 10Y Auction Re-Open: Another Tail

  • Treasury futures extended lows (TYH4 109-31.5) but just as quickly rebound (110-03.5 last) after the $37B 10Y note auction re-open (91282CJJ1) tailed: 4.296% high yield vs. 4.282% WI; 2.53x bid-to-cover vs. 2.45x prior.
  • Indirect take-up 63.83 vs. 69.73% prior; direct bidder take-up 18.87% from 15.17% prior; primary dealer take-up 17.30% vs. 15.10%.
  • The next 10Y auction (re-open) is tentatively scheduled for January 10.

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