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Review 20Y Bond Auction: Mkt Shrugs

US TSYS/SUPPLY

Tsy futures holding weaker/off midday lows after $15B 20Y bond auction (912810TQ1) comes out nearly on the screws: 3.977% high yield vs. 3.975% WI; 2.54x bid-to-cover vs. prior month's 2.83x.

  • Indirect take-up 75.30% vs. 76.25% prior month; direct bidder take-up 17.97% vs. 15.61% prior; primary dealer take-up falls to 6.73% vs. 8.14%.
  • Next 20Y auction (re-open) is tentatively scheduled for March 21.

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