Another Poor, Tailing 20Y Auction: Is This One Of The Last Ones

What happened: The week's lone coupon auction was a 20Y sale that stopped at a record high yield and tailed the When Issued level, amid speculation Citi expects Bessent could announce the end of 20Y auctions at the Refunding Announcement in two weeks. Key numbers: High yield 5.469%, highest on record for the tenor, up 49bps from September; tailed When Issued 5.460% by 0.9bps, the 4th Why it matters: The auction continues to trade as an "oversight" hump on the yield curve, and the continued lack of investor euphoria could spell the end of the 20Y point if Bessent pulls the plug next month.

Another Poor, Tailing 20Y Auction: Is This One Of The Last Ones

Another Poor, Tailing 20Y Auction: Is This One Of The Last Ones — impact context not separately stored; see What changed.