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Review 20Y Bond Auction, On the Screw

US TSYS/SUPPLY

Tsy futures extending session highs (30YY 3.0968% at the moment) after $17B 20Y note auction (912810TH1) comes in on the screws: 3.290% high yield vs. 3.290% WI; 2.50x bid-to-cover vs. last month's 2.80x.

  • Indirect take-up recedes to 70.57% vs. last months 75.94% high; direct bidder take-up climbs to 16.43% vs. 15.32% prior, primary dealer take-up climbs to 13.00% vs. 8.74%.
  • Next 20Y auction (re-open) is tentatively scheduled for June 22.

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