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Review 20Y Bond Re-Open: Tsys Off Lows

US TSYS/SUPPLY

Tsy futures moving off lows after $12B 20Y bond auction (912810TQ1) reopen: 3.920% high yield vs. 3.917% WI; 2.66x bid-to-cover vs. prior month's 2.53x.

  • Indirect take-up 68.72% vs. 67.03% prior month; direct bidder take-up 19.24% vs. 21.06% prior; primary dealer take-up 12.05% vs. 11.93%.
  • Next 20Y auction (re-open) is tentatively scheduled for May 17.

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