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Review 20Y Bond Auction: Strong

US TSYS/SUPPLY

Tsy futures gapped higher, just as quickly pare the move after strong $15B 20Y bond auction (912810TM0) trades through: 4.072% high yield vs. 4.102% WI; 2.64x bid-to-cover vs. prior month's 2.5x.

  • Indirect take-up climbs to 75.35% vs. 63.70% prior month; direct bidder take-up 15.40% vs. 19.86% prior; primary dealer take-up 9.25% vs. 16.43%.
  • Next 20Y auction (re-open) is tentatively scheduled for December 22.
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Tsy futures gapped higher, just as quickly pare the move after strong $15B 20Y bond auction (912810TM0) trades through: 4.072% high yield vs. 4.102% WI; 2.64x bid-to-cover vs. prior month's 2.5x.

  • Indirect take-up climbs to 75.35% vs. 63.70% prior month; direct bidder take-up 15.40% vs. 19.86% prior; primary dealer take-up 9.25% vs. 16.43%.
  • Next 20Y auction (re-open) is tentatively scheduled for December 22.