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Stellar 30Y Auction Sees Surge In Foreign Demand, Biggest Stop Through In 13 Months
After yesterday's 10Y auction priced well ahead of expectations as a burst of buyers crushed any fears there may not be enough demand for the record-sized auction, moments ago the Treasury sold $25 billion ($2BN shy of the record auction size of $27BN from the peak of the covid crisis) in 30Y paper in what was nothing less than a stellar auction. The high yield of 4.360% was above last month's 4.229% by just over 13bps but more importantly, the auction stopped through the 4.38% When Issued by 2bps, which was not only the third consecutive stop through (after five tails to close out 2023), but was also the biggest ... (full story)