US 30-y Bond Auction

Moments ago, the last refunding auction of the week, the sale of $25BN in 30Y paper, made history: it was the first 30Y auction to print with a high yield above 5%, and a coupon of 5%, since August 2007... which as veteran traders will recall was the month of the historic quant crash which marked the S&P highs at the time and eventually culminated in the global financial crisis. The auction priced at a high yield of 5.046%, up sharply from 4.876% in April, and tailed the 5.041% When Issued by 0.5bps, the second consecutive tail ...

The last coupon auction of the first full week of 2026 was also the strongest one. Moments ago the Treasury sold $22BN in 30Y paper in a very solid auction: the sale priced at a high yield of 4.825%, just fractionally higher than the 4.773% in December, and also stopped through the When Issued 4.833% by 0.8bps. chart The bid to cover was a solid 2.418, up from 2.365 last month, and the highest since June. The internals were also impressive, with foreigners buying 66.8%, up from 65.4% in December, and above the six-auction average ...