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Review: 3Y Auction

US TSYS/SUPPLY

Treasury futures still stronger/near highs after $45B 3Y note auction (91282CEQ0) trades through: 2.809% high yield vs. 2.812% WI; 2.59x bid-to-cover vs. 2.48x last month.

  • Indirect take-up surges to 61.95% vs. 53.45% prior; direct bidder take-up at 18.04 vs. last month's 17.56% high, while primary dealer take-up recedes to 20.01% vs. year high of 28.99% last month.
  • The next 3Y auction is tentatively scheduled for June 7.

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