{"id":673292,"date":"2026-09-23T17:31:43","date_gmt":"2026-09-23T17:31:43","guid":{"rendered":"https:\/\/buglecall.org\/?p=673292"},"modified":"2026-09-23T17:31:43","modified_gmt":"2026-09-23T17:31:43","slug":"bonds-crash-most-since-liberation-day-after-catastrophic-5y-auction-2nd-biggest-tail-on-record","status":"publish","type":"post","link":"https:\/\/buglecall.org\/?p=673292","title":{"rendered":"Bonds Crash Most Since Liberation Day After Catastrophic 5Y Auction; 2nd Biggest Tail On Record"},"content":{"rendered":"

Bonds Crash Most Since Liberation Day After Catastrophic 5Y Auction; 2nd Biggest Tail On Record<\/span><\/p>\n

\n

Coming into today’s 5Y auction, the bond market was collapsing, with yields across the curve soaring but especially the 5Y exploding a crazy 15bps heading into today’s auction (of 5 Year treasuries), <\/strong>a massive concession which we thought would lead to “lots of <\/em>demand” for today’s offering.\u00a0<\/p>\n

\n

*TREASURY 5-YEAR YIELD RISES 15 BASIS POINTS ON DAY TO 4.99%<\/p>\n

At least there will be lots of demand for paper in today’s 5Y auction<\/p>\n

\u2014 zerohedge (@zerohedge) September 23, 2026<\/a><\/p><\/blockquote>\n

Boy, were we wrong: moments ago the Treasury published results from today’s auction and there were absolutely disastrous.<\/p>\n

The sale of $70 billion priced at the first 5%+ yield since 2007, 5.033% to be specific (which means the first 5% cash coupon for today’s buyers in 19 years)<\/strong>, up from 4.391%. But the kicker is that the When Issued traded at 5.001%, meaning the auction tailed by a massive 3.1bps, which is the 2nd highest tail on record.<\/p>\n

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

The bid to cover was ugly: down to 2.212 from 2.371, and the lowest since December 2018.\u00a0<\/strong><\/p>\n

The internals were even worse: Indirects plunged to 54.31% from 61.51%, the lowest since the depths of covid, in March 2020. And withj Directs inexplicably jumping to 29.92%, the highest since December ’25, Dealers were left holding 15.8% of the auction, the most since May 2024.<\/p>\n

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

Overall this was a horrific auction, where demand simply was not there contrary to what the When Issued indicated, and the results sparked a fresh rout acorss the curve, with the 10Y last trading just shy of 5.13% in what is shaping up as the worst day for the bond market since Liberation Day.<\/p>\n

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

Tyler Durden<\/a><\/span>
\nWed, 09\/23\/2026 – 13:31<\/span><\/p>","protected":false},"excerpt":{"rendered":"

Bonds Crash Most Since Liberation Day After Catastrophic 5Y Auction; 2nd Biggest Tail On Record Coming into today’s 5Y auction, the bond market was collapsing, with yields across the curve soaring but especially the 5Y exploding a crazy 15bps heading into today’s auction (of 5 Year treasuries), a massive concession which we thought would lead… Continue reading Bonds Crash Most Since Liberation Day After Catastrophic 5Y Auction; 2nd Biggest Tail On Record<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"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":[20,23],"tags":[],"class_list":["post-673292","post","type-post","status-publish","format-standard","hentry","category-economic-empowerment","category-national-security","entry"],"_links":{"self":[{"href":"https:\/\/buglecall.org\/index.php?rest_route=\/wp\/v2\/posts\/673292","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=673292"}],"version-history":[{"count":0,"href":"https:\/\/buglecall.org\/index.php?rest_route=\/wp\/v2\/posts\/673292\/revisions"}],"wp:attachment":[{"href":"https:\/\/buglecall.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=673292"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buglecall.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=673292"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buglecall.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=673292"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}