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Review 10Y Auction Re-Open: Tsys Dip on Another Tail

US TSYS/SUPPLY

Treasury futures slip lower, trade mixed after the $32B 10Y note auction (91282CGM7) re-open tailed again with 3.455% high yield vs. 3.432% WI; 2.36x bid-to-cover vs. 2.35x prior.

  • Indirect take-up 62.95% vs. 62.29% prior; direct bidder take-up 19.91% from 19.98% prior; primary dealer take-up bounces to 17.14% vs. 17.7%.
  • Next (new) 10Y auction is tentatively scheduled for May 10.

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