There is just one word to describe the just concluded sale of $16 billion in 30-Year Treasury bonds: disastrous. From top to bottom, today's auction was a shitshow, starting with the high yield of 2.644%, which was not only higher than last month's 2.607%, but it was a whopping 2.6bps tail to the 2.618% When Issued, one of the biggest rails on record. The bid to cover was also dismal, tumbling from the already low 2.316 to just 2.129, far below the 2.25% 6-auctiona average, and the lowest since November. Finally the internals were borderline "failed", with Indirects (foreigners) clearly sitting out today auction, ... (full story)