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20Y Auction Review: Largest Tail Since Oct-2022

US TSYS/SUPPLY
  • A modest paring of gains in longer-dated Treasuries in response to the largest tail for a 20Y auction since Oct’22, the reaction limited by having rallied into the auction. 20s have cheapened 1bp to trade 2.2bp richer, whilst TYH4 edges lower to 112-19+.
  • The US sold $13B at a high yield of 4.213% vs when-issued 4.198%.
  • The 1.5bp tail follows a five-auction average trade through of 0.2bps and 1.0bp in Nov, and having traded through for five of the past seven auctions.
  • Bid-to-cover: 2.55x vs five-auction av of 2.63x and 2.58x in Nov. It’s the lowest since the March auction.
  • Primary dealers take 12.89% vs five-auction av of 10.3% and 9.5% in Nov.
  • Indirects take 66.40% vs five-auction av of 69.9% and 73.4% in Nov
  • Directs take 20.71% vs five-auction av of 19.8% and 16.5% in Nov
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