US 20 Yr Bond Auction High Yield 5.42% (Tail of 2 BPS) Bid-to-Cover 2.57 Sells $13 bln Awards 30.14% of bids at high Primary dealers take 16.85% Direct 30.68% Indirect 52.47%
The $13 billion 20-year auction came with a 5.42% high yield, a 2 bp tail above the when-issued rate. The bid-to-cover of 2.57 and strong indirect bidder demand suggest no acute demand stress despite the yield rise from last auction.
Sentimentbearish 35
Bearish · 35 of 100
Impact40
low · stays off the top drivers
Confidence95%
high confidence · 5 wires
Eventdeveloping
v5 · alerts feed only
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WHY IT MATTERS••••••••••Market transmission and exposed assetsBULL / BEAR CASE•••• / ••••Competing evidence, edited togetherNEWS ON PRICE••.•% reactionConfirmation versus SPY and sectorWHAT TO WATCH•• catalystsThe facts that can change the read
BORSAPLUSWhy it matters · Bull and bear case · Reaction against SPY and the sector · What to watch
20-year Treasury auction clears with 2 bp tail, weakest pricing since December 2024bearish 35 · impact 40
U.s. 20-year bond sale drew a high yield of 5.420%, up from 5.204% previously and above the 5.40% when-issued level, with a bid-to-cover ratio of 2.57 versus 2.53. direct biddersbearish 35 · impact 25
US 20-year auction yields 5.42%, demand solid with 2.57 bid-to-coverbearish 35 · impact 35
US 20 Yr Bond Auction High Yield 5.42% (Tail of 2 BPS) Bid-to-Cover 2.57 Sells $13 bln Awards 30.14% of bids at high Primary dealers take 16.85% Direct 30.68% Indirect 52.47%bearish 35 · impact 30
US 20-year bond high yield 5.42% vs 5.204% priorbearish 40 · impact 20 · this page
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