After last week's catastrophic 3/10/30 year auction and following today's latest blow out in yields that pushed the 10Y to 4.92%, it's safe to say that not many were looking with much excitement to today's 20Y auction. Well, they should have been because moments ago the Treasury sold $13 billion in a 20 year reopening (19-Year 10-month) which saw stellar demand for the hunchback outlier... {chart} ... of the Treasury's "camelback" curve. The details: the high yield of 5.24% was of course the highest on record for the tenor that was launched in May 2020 when the US needed to rapidly issue trillions in new debt... ... (full story)