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US: Soft 10Y Auction Sees Fewest Foreign Buyers Since 2022, Tails For 4th Straight Month
After a solid 3Y auction this morning, expectations were for smooth passage in the day's second note sale at 1pm, when the Treasury would sell $32BN in a 9-Y 11-Month reopening of benchmark 10Y paper. The result was more or less in line with expectations... well, maybe a little less. Pricing at a high yield of 3.791%, the suction tailed then When Issued 3.7765% by 1.5bps. This was the 4th consecutive tail in a row, and 13 of the past 16 auction that tailed the WI. The bid to cover of 2.36, down from 2.45 last month, and below the recent (6-auction) average of 2.44. The internals were on the soft side too, with ... (full story)