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Free AccessTsys rise. SMRA's John Canavan said.....>
US TSYS/30Y: Tsys rise. SMRA's John Canavan said today's 30Y auction drew "very
strong indirects", went "quite well overall" and "even better relative to other
Refunding auctions. The 2.818% stopout rate was through the 2.820% 1pm bid side,
and the 2.32 bid/cover was the best for a Refunding 30-year since Nov. 2015."
- He adds "buyside takedown was solid as well led by the best Indirect takedown
since July 2016. The strength of the Indirect bid is typically related to the
strength of investment fund demand, but given the outsized strength this month,
we expect we will also see some foreign Indirect buying when the bidder
allotment figures" come out in later August.
- He added $11.594B indirect bid today was "largest for any 30-yr auction since
the August 2010 Refunding. Combined with a near-avg hit ratio, Indirect bidders
took down 66.8% of the auction today compared to an avg takedown of 62.2% for
all 30yr bd auctions over the prior yr."
- He said "strong indirect bid" appeared to "hold down the direct bidder hit
ratio, leaving them with 5.4%," "smallest takedown since May," not "out of line"
with "norm."
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.