This is another big tail. Yesterday's 10-year sale tailed by 3 bps, which was the most since 2010.
The broader market is taking this in stride, perhaps owing to quarter end but it will be something to watch very closely next month. The weakest channel appears to be indirects, which took down 61.9% compared to 77.9% previously.
The bid-to-cover was 2.48 vs 2.69 previously.
