Jefferies money mkt economist Tom.......>

US TSYS/30Y: Jefferies money mkt economist Tom Simons said today's $12B 30-year

reopening "stopped 0.4 bps above where the WI was bid at 1:00PM at 2.790%.

Reopenings tend to be better bid than new issues due to smaller offering sizes,

but the opposite has been the case so far with this bond." 

- He added "the 2.21 bid cover ratio is on the soft side for reopenings

recently. Indirect bidders took down 58.8% of the auction, which is their

smallest share since November 2016. The Direct bid took down 6.8% of the

auction. Dealers took down 34.4% of the auction, the most since May 2017." 

- Simons said the "weak auction stats are not particularly encouraging" but "not

particularly worrying either. There is still consistent demand in the long-end

in the secondary market. even if it didn't really show up in the auction."