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After a stellar 3Y auction, a solid 10Y moments ago we got the last refunding auction of the quarter when the treasury sold $21 billion in 30 year paper, and it did so in impressive fashion. The high yield of 3.741% was just above last month's 3.661%. It also stopped through the When Issued 3.756% by 1.5bps, the biggest stop through since January's 2.4bps. The Bid to Cover rose to 2.426, above April's 2.359, above the six-auction average 2.346 and the highest since January's 2.451. The internals were also impressive with the Indirect award jumping to 72.44% from 69.12%, the strongest since - you guessed it - January. ... (full story)