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Review 30Y Bond Auction: 2 Out Of 3 Not Good

US TSYS/SUPPLY

Tys reverse course after weak $21B 30Y auction (912810TL2) tails 3.1bp: 3.686% high yield vs. 3.655% WI; 2.25x bid-to-cover vs. 2.45x prior month.

  • Indirect take-up 65.21% vs. 74.63% prior; direct bidder take-up 18.49% vs. 16.33% prior; primary dealer take-up 15.84% vs.9.04%.
  • The next 30Y auction (re-open) is tentatively scheduled for March 9.

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