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Review 10Y Auction Re-Open: Weak, Bonds Pare Gains

US TSYS/SUPPLY

Treasury futures pare gains after weak $32B 10Y note auction (91282CGM7) re-open with 3.985% high yield vs. 3.955% WI; 2.35x bid-to-cover vs. 2.66x prior.

  • Indirect take-up 62.29% vs. 79.45% prior; direct bidder take-up 19.98% from 15.19% prior; primary dealer take-up bounces to 17.73% vs. 5.36%.
  • Next (new) 10Y auction is tentatively scheduled for April 12.

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