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Review 10Y Auction Re-open: Small Tail

US TSYS/SUPPLY
  • Treasury futures slip off highs briefly, rebound after the $32B 10Y note auction re-open (91282CHC8) tails: 3.857% high yield vs. 3.850% WI; 2.53x bid-to-cover vs. 2.36x prior.
  • Indirect take-up climbs to 67.74% vs. 62.28% prior; direct bidder take-up 19.87% from 19.92% prior; primary dealer take-up drops back to 12.39% vs. 17.80%.
  • Next (new) 10Y auction is tentatively scheduled for August 9.

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