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Review: 3Y Auction Tails

US TSYS/SUPPLY

Treasury futures scaling back (Chair Powell-tied) support after decent $40B 3Y note auction (91282CGL9) tailed 4.3bp: 4.073% high yield vs. 4.035% WI; 2.33x bid-to-cover vs. 2.84x last month.

  • Indirect take-up to 59.05% vs. 69.54% prior; direct bidder take-up at 21.06% vs. 13.18% prior; primary dealer take-up 19.89% vs. 17.28%.
  • The next 3Y auction is tentatively scheduled for March 7.
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Treasury futures scaling back (Chair Powell-tied) support after decent $40B 3Y note auction (91282CGL9) tailed 4.3bp: 4.073% high yield vs. 4.035% WI; 2.33x bid-to-cover vs. 2.84x last month.

  • Indirect take-up to 59.05% vs. 69.54% prior; direct bidder take-up at 21.06% vs. 13.18% prior; primary dealer take-up 19.89% vs. 17.28%.
  • The next 3Y auction is tentatively scheduled for March 7.