That was ugly too

Capping the treasury auctions this week, after the weak 3 yr and 10 yr auctions seen, was today’s 30 auction and it was poor too. The yield of 4.837% was almost 4 bps above the when issued and compare that to the tail of 2 bps in both the 3 yr and 10 yr auctions. Dealers were left with 18% of the auction which is the most since December 2021. The bid to cover ratio was 2.35 vs the 12 month average of 2.39.