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Review, Strong 20Y Bond Auction Re-Open

US TSYS/SUPPLY

Tsy futures holding gains after strong $16B 20Y note auction reopen (912810TF5) trades through with 2.651% high yield vs. 2.662% WI; 2.72x bid-to-cover vs. last month's 2.44x.

  • Indirect take-up climbs to 64.39% vs. 62.981%; new high direct bidder take-up at 26.03% vs. 20.98%, primary dealer take-up falls to 9.59% vs. 16.11%.
  • Next 20Y auction (re-open) is tentatively scheduled for April 20.

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