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After two medicore, tailing auctions earlier this week, the Treasury concluded the the sale of coupon paper this week with a bang, selling $16BN in Notes in a 30Y reopening with a bang. The high yield of 3.165% stopped through the When Issued by 0.2bps, a far cry from last month's 2.3bps tail, and the lowest yield for the long bond since September as the curve has repriced the newly dovish Fed as well as the growing economic slowdown in the US. The Bid to Cover meanwhile jumped from last month's 2.058, one of the lowest on record, to 2.308%, right on top of the 6 auction average. However, the surprise - as has been ... (full story)