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Review: 3Y Auction Stop

US TSYS/SUPPLY

Treasury futures see modest bounce off lows after decent $40B 3Y note auction (91282CGE5) stopped through: 3.977% high yield vs. 4.000% WI; 2.84x bid-to-cover vs. 2.55x last month.

  • Indirect take-up to 69.54% vs. 61.71% prior; direct bidder take-up at 13.18% vs. 20.44% prior; primary dealer take-up 17.28% vs. 17.85%.
  • The next 3Y auction is tentatively scheduled for February 7.

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