Complete disaster. That's the only way one can describe today's 30Y auction, which many expected could be challenging after a mediocre 3Y and a subpar 10Y auction earlier this year, but nobody expected... this. The bond priced at a high yield of 4.769%, which was below last month's 4.837%, and just shy of the April 2010 high. But more importantly, it tailed the When Issued by a whopping 5.3bps, which was... well... terrible, because as shown in the chart below, this was the biggest tail on record (going back to 2016). {chart} The bid to cover was just as bad: at 2.236 it was the lowest since Dec 2021. The internals ... (full story)