Tailing 30Y Auction Prices At Highest Yield In 25 Years After yesterday's ugly 10Y auction, moments ago we got the last of the week's refunding auctions, when the Treasury sold $25BN in 30Y paper (the same paper that has seen yield shoot up in the past week, ever since Warsh's most recent FOMC meeting in which he left the long-end hang out to dry), and just like the 10Y auction before it, this one was also rather deplorable. Pricing at a high yield of 5.216%, the auction tailed the When Issued 5.212% by 0.4bps... ... but more importantly, it priced at the highest yield since 2001 some 25 years ago. The bid to cover was 2.392, down from 2.444 in July and below the recent average of 2.429. The internals were more...
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