Results of the 30-year reopening
Strong auction results for the second day. There's been an immediate further fall in USD/JPY to a session low of 109.68. Rates across the curve are at the lows of the day
- Bid to cover at 2.49 compared to six-auction average of 2.36
- Dealers took 13.1% vs. a 18.0% avg
- Directs claimed 17.2% vs. a 18.5% avg
That's a nearly 2 bps stop through, which is a hefty miss at the long end. There was strong selling in bonds to start the week, perhaps on a supply concession but it's totally reversed now.
