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SMRA's analyst John Canavan said......>

US TSYS/BILLS: SMRA's analyst John Canavan said "today's $20.0 billion 52-week
bill auction results were weak. The bid/cover was in line with recent auctions,
but the auction stopped with a full basis point tail and the buyside takedown
figures were light. Indirect bidders took down 32.4% of the auction this
morning, and Direct bidders took down 6.0% of the auction."
- He added the bill auction "stopped at 1.230% with 15.39% of the bids at the
high yield accepted. The WI was last trading around 1.220% at 11:30 AM. The
bid/cover was 3.25, up from 3.17 at the prior auction."

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