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Review 10Y Auction Re-Open: Trades 1.4Bp Through

US TSYS/SUPPLY
  • Treasury futures bounce slightly (TYZ4 -3 to 115-11.5) after the $39B 10Y auction re-open (91282CLF6) trades 1.4bp through: 3.648% high yield vs. 3.662% WI; 2.64x bid-to-cover vs. 2.32x prior last month (lowest since Dec'22).
  • Indirect take-up rebounds to 76.05% from 66.17% prior; direct bidder take-up falls to 13.71% from 15.95% prior; primary dealer take-up falls back to 10.25% vs. 17.88% prior (largest since April'24).
  • The next 10Y auction (re-open) is tentatively scheduled for October 12.
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  • Treasury futures bounce slightly (TYZ4 -3 to 115-11.5) after the $39B 10Y auction re-open (91282CLF6) trades 1.4bp through: 3.648% high yield vs. 3.662% WI; 2.64x bid-to-cover vs. 2.32x prior last month (lowest since Dec'22).
  • Indirect take-up rebounds to 76.05% from 66.17% prior; direct bidder take-up falls to 13.71% from 15.95% prior; primary dealer take-up falls back to 10.25% vs. 17.88% prior (largest since April'24).
  • The next 10Y auction (re-open) is tentatively scheduled for October 12.