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Review 10Y Auction Re-Open: Large Tail (Again)


Tsy futures gap lower, extend session lows after $32B 10Y note auction re-open (91282CFV8) tails yet again w/ 3.625% high yield vs. 3.590% WI; 2.31x bid-to-cover vs. 2.23x prior.

  • Indirect take-up 59.45% vs. 57.5% prior; direct bidder take-up 18.70 from 18.07%, primary dealer take-up 21.86% vs. 24.43%.
  • Next 10Y auction is tentatively scheduled for January 11.

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