20 yr bond auction was not pretty

I don’t usually comment on the 20 yr bond auction because of its limited history, its poor liquidity and its weird yield that is about 30 bps above the 10 yr yield but also about 13 bps higher than the 30 yr yield. But I will today as the auction just posted was bad. The yield of 4.595% was a large 3 bps above the when issued pricing. The bid to cover of 2.39 was well below the one year average of 2.62 and that is the least since August 2022. And, dealers got stuck with 21% of the auction, the most since May 2021.