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Review 3Y Auction: Small Tail


Treasury futures holding narrow range near session lows after $50B 3Y note auction (91282CJP7) tailed: 4.490% high yield vs. 4.472% WI; 2.42x bid-to-cover vs. 2.67x prior month.

  • Indirect take-up receded to 52.08% vs. 60.60% prior; direct bidder take-up 21.69% vs. 19.13% prior; primary dealer take-up climbs to 26.24% vs. 16.26%.
  • The next 3Y auction is tentatively scheduled for January 9.

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