{"id":616987,"date":"2026-06-11T17:41:03","date_gmt":"2026-06-11T17:41:03","guid":{"rendered":"https:\/\/buglecall.org\/?p=616987"},"modified":"2026-06-11T17:41:03","modified_gmt":"2026-06-11T17:41:03","slug":"ugly-tailing-30y-auction-sees-foreign-demand-tumble-dealer-backtop-bid-jump-2","status":"publish","type":"post","link":"https:\/\/buglecall.org\/?p=616987","title":{"rendered":"Ugly, Tailing 30Y Auction Sees Foreign Demand Tumble, Dealer “Backtop” Bid Jump"},"content":{"rendered":"

Ugly, Tailing 30Y Auction Sees Foreign Demand Tumble, Dealer “Backtop” Bid Jump<\/span><\/p>\n

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After yesterday’s stellar 10Y auction, which saw the 5th highest Indirect take down on record, today’s reopening of $22BN in 30Y paper (via Cusip UU0) was a mirror image: ugly, poor foreign demand, and tailing.<\/p>\n

Starting at the top, the auction priced at a high yield of 5.02%, down fractionally from 5.046% last month (which was the first 5% coupon auction in history). And just like last month, today’s auction also tailed the When Issued 5.008% by 1.2bps; this was the third tailing 30y auction and was also the biggest tail since August 2025.<\/strong><\/p>\n

\"\"<\/a><\/p>\n

Next, we look at the bid to cover which at 2.328 was a bit higher than last month’s 2.303, which however was the lowest this year; it means that the BtC was well below the recent average of 2.43.<\/p>\n

The internals were even uglier: in contrast to yesterday’s surge in Indirect demand, today’s Indirects took down just 59.95%, down from 66.6% and the lowest since August 2025. And with Directs rising to 25.31%, above the six-auction average of 23.7%, Dealers were left holding 14.74%, or the highest since July 2025.<\/p>\n

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In summary: this was a very ugly, tailing auction, which saw foreign demand tumble, offset by the biggest “backstop” bid from Dealers in almost a year. Whether this was the result of today’s red hot PPI, or because investors are allocating capital to SpaceX and have little left to fund US spending, remains to be seen.\u00a0<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nThu, 06\/11\/2026 – 13:41<\/span><\/p>","protected":false},"excerpt":{"rendered":"

Ugly, Tailing 30Y Auction Sees Foreign Demand Tumble, Dealer “Backtop” Bid Jump After yesterday’s stellar 10Y auction, which saw the 5th highest Indirect take down on record, today’s reopening of $22BN in 30Y paper (via Cusip UU0) was a mirror image: ugly, poor foreign demand, and tailing. Starting at the top, the auction priced at… Continue reading Ugly, Tailing 30Y Auction Sees Foreign Demand Tumble, Dealer “Backtop” Bid Jump<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":616975,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[18,19,10,21,12,11,9],"tags":[],"class_list":["post-616987","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cancel-culture","category-censorship","category-civil-liberties","category-election-integrity","category-equal-justice","category-free-speech","category-religious-freedom","entry"],"_links":{"self":[{"href":"https:\/\/buglecall.org\/index.php?rest_route=\/wp\/v2\/posts\/616987","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buglecall.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buglecall.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buglecall.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buglecall.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=616987"}],"version-history":[{"count":0,"href":"https:\/\/buglecall.org\/index.php?rest_route=\/wp\/v2\/posts\/616987\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buglecall.org\/index.php?rest_route=\/wp\/v2\/media\/616975"}],"wp:attachment":[{"href":"https:\/\/buglecall.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=616987"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buglecall.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=616987"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buglecall.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=616987"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}