- Prior sale way back in May was 0.249%
- Bid-to-cover at 2.20 vs 2.49 prior
A four basis point tail is a big miss and the pain has spread across the curve with benchmark 10-year yields up quickly to 2.63% from 1.615%. No reaction in USD/JPY.
If you tally it up, breakevens are at about 2.01%.
