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Review: 3Y Auction Tail

US TSYS

Treasury futures paring gains slightly after $40B 3Y note auction (91282CFP1) tail: 4.318% high yield vs. 4.310% WI; 2.57x bid-to-cover vs. 2.49x last month.

  • Indirect take-up 53.40% vs. 54.55% prior; direct bidder take-up at 19.55 vs. last month's 21.85%; primary dealer take-up 27.05% vs. 23.60%.
  • The next 3Y auction is tentatively scheduled for November 8.

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