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Review: Weak 3Y Auction

US TSYS SUMMARY

Treasury futures holding near lows after $56B 3Y note auction (91282CDH1) tailed: 0.750% high yield vs. 0.642% WI; 2.33x bid-to-cover vs. 2.44x 5-auction average.

  • Indirect take-up surged to new year high 57.62% vs. 44.23% prior, while direct bidder take-up holds near 1+ year high at 18.04% (18.87% Oct). Primary dealer take-up recedes to 24.34% vs. 36.90% in Oct, well below 28.71% 5M average.
  • The next 3Y auction is tentatively scheduled for December 7

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