US 29-year, 10-month bond reopening

  • Prior auction went off at 2.804%
  • Bid to cover at 2.74 vs 2.48 prior
  • Bid to cover at the highest since Dec 2014
  • Indirects were at 71.5% compared to 61.9% at the last sale

Super strong auction. Quick downtick in USD/JPY.

That's one of the biggest stop-through in a long time at the long end.