After last week's solid auctions, traders were optimistically eyeing today's 20Y auction - in the form of a 19-Yyear 10-Month reopening - as some speculated that just because this may be the last fully-sized, $24BN auction before the Treasury starts shrinking the notional next month, demand would be stellar. It wasn't. Stopping at 2.100%, more than 30bps above the September 1.795% high yield, the auction not only had the highest yield since June, but tailed dramatically to the 2.075% When Issued, the biggest tail in the 20Y auction history (which, of course, is not that long since the first auction was just last ... (full story)