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Review 20Y Bond Auction Re-Open -Tail


Tsy futures back to recent session lows after $12B 20Y bond auction re-open (912810TK4) tails: 4.395% high yield vs. 4.375% WI; 2.5x bid-to-cover vs. prior month's 2.65x.

  • Indirect take-up falls to 63.70% vs. 75.32% prior month; direct bidder take-up 19.86% vs. 16.62% prior; primary dealer take-up 16.43% vs. 8.06%.
  • Next 20Y auction (re-open) is tentatively scheduled for November 16.

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