May 22, 2024 17:07 GMT
Review 20Y Bond Auction: On the Screws
US TSYS/SUPPLY
Little react in Tsy futures: TYM3 109-04.5, after $16B 20Y bond auction (912810UB2) came out on the screws: 4.635% high yield vs. 4.636% WI; 2.51x bid-to-cover lowest since February vs. prior month's 2.82x.
- Indirect take-up the lowest since Feb'24 at 70.76% vs. 74.71% last month; direct bidder take-up 19.81% vs. 16.21% prior; primary dealer take-up the highest since Feb'24 at 10.06% vs. 9.09% prior.
- The next 20Y auction (re-open) is tentatively scheduled for June 20.
73 words