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Review 20Y Bond Auction Reopen - Second Strong Sale

US TSYS/SUPPLY

Tsy futures gap higher: TYM3 108-05.5 (well below technical resistance of 108-25.5 (April 12 High)) after strong $13B 20Y bond auction (912810TZ1) stops through forthe second consecutive time: 4.818% high yield vs. 4.840% WI; 2.39x bid-to-cover vs. prior month's 2.79x.

  • Indirect take-up the highest since Feb'23 at 74.71% vs. 73.49% last month; direct bidder take-up 16.21% vs. 17.16% prior; primary dealer take-up the lowest since Jun'23 at 9.09% vs. 9.35% prior.
  • The next 20Y auction (re-open) is tentatively scheduled for May 22.
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Tsy futures gap higher: TYM3 108-05.5 (well below technical resistance of 108-25.5 (April 12 High)) after strong $13B 20Y bond auction (912810TZ1) stops through forthe second consecutive time: 4.818% high yield vs. 4.840% WI; 2.39x bid-to-cover vs. prior month's 2.79x.

  • Indirect take-up the highest since Feb'23 at 74.71% vs. 73.49% last month; direct bidder take-up 16.21% vs. 17.16% prior; primary dealer take-up the lowest since Jun'23 at 9.09% vs. 9.35% prior.
  • The next 20Y auction (re-open) is tentatively scheduled for May 22.