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30Y Preview: Should Be Hard To Equal Last Month’s Poor Showing

US TSYS/SUPPLY
  • Treasury's $21bn 30Y re-opening (912810TV0) is at the top of the hour.
  • 30Y yields at 4.335% are circa 1bp off earlier session highs after a 7.5bp lift from US CPI, but are only +1bp on the day and below the ~4.36% level seen prior to yesterday’s 10Y (the second of double note issuance).
  • Those 3s and 10s were poorly received, tailing by 1.8bps and 1.4bps, but didn’t prevent a sizeable rally with investors seemingly keen to re-enter longs.
  • The prior five 30Y auctions have seen some large tails, averaging 2.6bps courtesy of a historic 5.2bp tail in the Nov auction.
  • The bid-to-cover has averaged 2.38 (2.24 latest), whilst takes saw indirects with an average 65.31% (latest 60.1%) and dealers 16.41% (latest 24.73%).
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