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Tailing, Poor 30Y Auction Concludes This Week’s Treasury Issuance

Concluding this week’s series of lousy Treasury auctions was today’s reopening of $12 billion in 29-Year-11-month Bonds due August 2047, which priced in line with the previous poor 3Y and 10Y auctions, printing at a high yield of 2.790%, a tail of 0.3bps to the 2.787% When Issued, and the lowest yield since last October’s 2.47%.

As in the recent auctions, the internals were lackluster, with a Bid to Cover of 2.207, below last month’s 2.319%, and below the 6MMA of 2.283%. This was the lowest BTC going back to May’s 2.191%, and the lowest for a reopening since year-ago auction. Indirect bidders took down only 58.8%, a sharp drop from last month’s 66.8%, and below the 6 month average of 62.8%. Directs were awarded 6.8%, slightly above August’s 5.4%, leaving Dealer holding 34.4%, above the recent average of 30.1%, and the most since May. …

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