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Review: 3Y Auction, Modest Stop Through

US TSYS/SUPPLY

Treasury futures holding near highs, little react after $43B 3Y note auction (91282CEY3) modest stop through: 3.093% high yield vs. 3.095% WI; 2.43x bid-to-cover vs. 2.45x last month.

  • Indirect take-up climbs to 60.37% vs. 51.51% prior; direct bidder take-up at 19.35 vs. last month's 23.57% high; primary dealer take-up recedes to 20.28% vs. last month's year high of 24.91%.
  • The next 3Y auction is tentatively scheduled for August 9.

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