This was bad

After some pretty blah auctions this week seen with the 3 yr and the 10 yr, today’s 30 yr auction was outright bad. The yield of 4.769% was about 5 bps above the when issued pricing which is a rather large tail. The bid to cover of 2.24 was well under the 12 month average of 2.39. Also, the combined direct and indirect bid was the smallest since November 2021 at 75%, leaving the dealers the most since then.