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Weak 20Y Bond Auction, Bonds Extend Losses

Tsys gap lower after US Tsy $27B 20Y bond auction (912810ST6) tailed with high yield of 1.422% (1.370% last month) vs. 1.413% WI, on a bid/cover 2.27 (2.43 previous).
  • Indirects drew 61.22% vs. 62.95% prior, directs 15.29% vs. 15.60% prior, dealers took down 23.49% vs. 21.46%.

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