​20Y Auction Tails Badly Despite Solid Internals – Tyler Durden

20Y Auction Tails Badly Despite Solid Internals In a day when stocks are dumping, having finally noticed the surge in yields, one would have expected today’s 20Y reopening auction (of 19Y, 10M Cusip UD8) to be solid. It wasn’t. Stopping at a high yield of 4.590%, this was 55bps higher than last month’s 4.039%, the highest yield since May and also tailed the When Issued 4.574% by 1.6bps, the second consecutive tail in a row (if not as bad as last month’s 2.0bps tail). The bid to cover was a solid 2.59, above last month’s 2.51 and the highest since…  — Continue at ZeroHedge News : Read More