​Terrible 20Y Auction Has 2nd Biggest Tail, Lowest Directs On Record; Spikes Yields – Tyler Durden

Terrible 20Y Auction Has 2nd Biggest Tail, Lowest Directs On Record; Spikes Yields If anyone was hoping that today’s 20Y auction would be even remotely successful, they can not put those to bed: the just concluded sale of $16BN in 20Y paper was a disaster. Pricing at a high yield of 4.680%, the auction tailed the When Issued 4.650% by 3.0bps. Not only was this the third tail in a row, it was the 2nd biggest tail on record. The bid to cover was even worse: sliding from 2.59 to 2.34, the btc was the lowest going back all the…  — Continue at ZeroHedge News : Read More