Pricing was not great on the 30yr auction. But at the same time is was a fast market into auction, with yields on a persistent rise, which likely acted to add to an overall concessionary bid at auction. Beyond that, the breakdowns between indirect, direct and dealer bid did not have a big story to tell. The cover was a tad tepid, but in the end safely away. The underlying up-move in yield has been the story of the day, on a risk-on underpinning. The 10yr yield is now closing in on 4.4%. It appears that the market discount is moving away from a blind recessionary discount. The 2yr yield is also well up on the day, ... (full story)