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Outlook Remains Bearish

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Review 20Y Bond Auction Re-Open, On the Screws

US TSYS/SUPPLY

Tsy futures holding near session highs (USU2 +2-21 at 136-01; 30YY 3.2346% at the moment) after $14B 20Y bond auction (912810TH1) re-open : 3.488% high yield vs. 3.488% WI; 2.60x bid-to-cover vs. last month's 2.50x.

  • Indirect take-up slips to 67.44% vs. last months 70.57%; direct bidder take-up 20.20% vs. 16.43% prior, primary dealer take-up slips to 12.35% vs. 13.0%.
  • Next 20Y auction (re-open) is tentatively scheduled for July 21.
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Tsy futures holding near session highs (USU2 +2-21 at 136-01; 30YY 3.2346% at the moment) after $14B 20Y bond auction (912810TH1) re-open : 3.488% high yield vs. 3.488% WI; 2.60x bid-to-cover vs. last month's 2.50x.

  • Indirect take-up slips to 67.44% vs. last months 70.57%; direct bidder take-up 20.20% vs. 16.43% prior, primary dealer take-up slips to 12.35% vs. 13.0%.
  • Next 20Y auction (re-open) is tentatively scheduled for July 21.