US Treasury Auction Calendar

Tsy 10Y note sales continue to underperform, today's the largest tail in 10s this year, Nov is second, April auction third.

• 10Y Note Auction: Tsy futures gap lower, extend session lows after $32B 10Y note auction re-open (91282CFV8) tails yet again w/ 3.625% high yield vs. 3.590% WI; 2.31x bid-to-cover vs. 2.23x prior.
  • Indirect take-up 59.45% vs. 57.5% prior; direct bidder take-up 18.70 from 18.07%, primary dealer take-up 21.86% vs. 24.43%.
• 3Y Note Auction: Little react in Treasury futures, holding weaker after $40B 3Y note auction (91282CGA3) 4.093% high yield vs. 4.092% WI; 2.55x bid-to-cover vs. 2.57x last month.
  
  
  • Indirect take-up to 61.71% vs. 62.18% prior; direct bidder take-up at 20.44% vs. 17.04% prior; primary dealer take-up 17.85% vs. 20.78%.