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Review 20Y Bond Auction - Large Tail

US TSYS/SUPPLY

Tsy futures gapped back to session lows after weak $15B 20Y bond auction (912810TK4) tails: 3.380% high yield vs. 3.355% WI; 2.30x bid-to-cover vs. last month's 2.65x.

  • Indirect take-up falls back of 66.97% vs. last month's 77.97% high; direct bidder take-up climbs to 18.32% vs. 14.09% prior, primary dealer take-up climbs to 14.71% vs. 7.94% low.
  • Next 20Y auction (re-open) is tentatively scheduled for September 20.
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Tsy futures gapped back to session lows after weak $15B 20Y bond auction (912810TK4) tails: 3.380% high yield vs. 3.355% WI; 2.30x bid-to-cover vs. last month's 2.65x.

  • Indirect take-up falls back of 66.97% vs. last month's 77.97% high; direct bidder take-up climbs to 18.32% vs. 14.09% prior, primary dealer take-up climbs to 14.71% vs. 7.94% low.
  • Next 20Y auction (re-open) is tentatively scheduled for September 20.