Mixed 20 yr auction but enough to rally Treasuries

Nov 20, 2023

∙ Paid

The 20 yr bond auction was mixed. While the yield of 4.78% was 1 bp lower than the when issued pricing of 4.79%, the bid to cover of 2.58 was below the one yr average of 2.66. Also, the % of the auction that dealers got stuck with was similar to the average seen over the past year.

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