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30Y Auction: Another Trade Through With Decent Internals [corrected]

US TSYS/SUPPLY
[correcting typo for bid-to-cover. It was 2.52 and not 2.37, up from 2.43 in May and 2.37 five-auction average, more in keeping with the rest of the details]
  • In contrast to yesterday’s soft 10Y, the $18B 30Y auction traded through again, with 1.1bps (high yield 3.908% vs BBG's WI 3.919%) after May’s 1.4bp, in what was a strong auction as with most other coupon auctions in May's refunding month, and compared to a five-auction average on the screws.
  • Indirects take 72.91% from 72.43% May (70.42% five-auction) and dealers just 8.96% vs 10.21% May (11.13% five-auction) for the latter’s lowest in at least the last ten auctions.
  • Bid-to-cover more in line with recent though, at 2.52 vs 2.43 May and 2.37 five-auction.
  • 30Y yields have dipped 1bp for +2.5bp on the day having earlier pared losses in the lead up to the auction.
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