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Review 30Y Bond Auction Re-Open: First Tail in 5 Auctions

US TSYS/SUPPLY

Treasury futures trade softer (USM4 115-07, -4 vs. 114-29 low) after $22B 30Y auction (912810TX6) re-open tails for the first time in 5 auctions (5.2bp tail in Nov'23): 4.671% high yield vs. 4.662% WI; 2.37x bid-to-cover vs. 2.47x in the prior month.

  • Indirect take-up falls to 64.38% (lowest since Nov'23) vs. 69.29% prior; direct bidder take-up climbs to 18.28% vs. 16.77% prior; primary dealer take-up 17.34% (highest since Nov) vs. 13.93%.
  • The next 30Y auction (re-open) is tentatively scheduled for May 9.

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