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Review 20Y Bond Auction: Trade-Through On Solid Concession

US TSYS/SUPPLY
The 20Y Bond re-open broke a 4-auction streak of tailing offerings in late Sept/early Oct, trading through by 1.2bp with a 5.245% high yield vs 5.257% when-issued.
  • It comes on a 9+bp concession intraday going into the sale, and marks the biggest trade-through for the 20Y since June's 2.0bp.
  • It also comes on mixed peripheral stats: the 11.9% dealer takedown was the highest since April and vs a 5-auction average 9.9%, with directs taking 15.2% (20.6% average) and indirects 72.9% (highest since June, and vs 69.5% average); bid-cover of 2.59x was middling vs the 2.68x average.
  • Market participants appeared relieved: with 20Y yields dipping 3bps on the trade-through, with some losses pared at 10 and 30Y tenors (5.5bp and 6.5bp cheaper on the day now), less so nearer the front end which had already pared losses ahead of time.
  • The next 20Y Bond auction is tentatively scheduled for Nov 20.
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