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Review: 3Y Auction


Little react in Treasury futures, holding weaker after $40B 3Y note auction (91282CGA3) 4.093% high yield vs. 4.092% WI; 2.55x bid-to-cover vs. 2.57x last month.

  • Indirect take-up to 61.71% vs. 62.18% prior; direct bidder take-up at 20.44% vs. 17.04% prior; primary dealer take-up 17.85% vs. 20.78%.
  • The next 3Y auction is tentatively scheduled for January 10.

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